In 1992, the Funrise Toy Corporation  started making a line of plastic "light and sound" vehicles. That year, they had a police car and a fire chief's car with amazingly realistic sounding sirens. The next year, the company added a fire engine that was modeled after a Los Angeles City Fire Department pumper. Three more light and sound toys followed over the next few years: a TDA, rear mount, and rescue truck. Funrise started receiving calls not from parents of kids playing with these items, but from parents and non-parents who were buying these items for themselves! Adults were collecting these plastic toys and giving Funrise very positive feedback about them. The feedback the company received was that the toys were the best replicas of fire and ems apparatus on the market, even compared to collectibles.

The Marketing Department at Funrise Toy Corporation recognized the opportunity that existed for a line of emergency vehicle collectibles. In order to best serve the adult collector, Code 3 Collectibles was set up as a separate company. The new company was designed from top to bottom to be focused on high quality collectibles for the adult consumer. The Fire and Rescue line captures the tradition and spirit of today's firemen, policemen and EMS personnel with limited edition, detailed replicas of the finest emergency vehicles in the world. The first year, 1997, Code 3 Collectibles released assortments of LA City, Houston, Philadelphia, FDNY, Honolulu and Louisville Seagrave pumpers. The website, www.code3.net, was launched in February of 1998. Online ordering was first available to collectors at the end of 1998. Originally, Code 3 Collectibles were available in the mass market. In order to provide better service, in 1998, Code 3 Collectibles began moving toward the specialty market and selling direct from the company.

Since 1997, Code 3 Collectibles has continued to expand both the apparatus models and departments offered for fire and ems. In 1998, a Code 3 Collectors Club was established offering benefits like special releases and discounted pricing to avid collectors. Other milestones for the company include the launch of the Code 3 Classics brand in 2000 and the release of its first entertainment licensed product in 2001, the EMERGENCY! Squad 51, Crown 51 and Station 51.