The Indy 500 is an annual automobile race held at the Indianapolis Motor Speedway in Speedway, Indiana. The race is one of the most prestigious and oldest events in the world of motorsports, and is often referred to as 'The Greatest Spectacle in Racing'. The cars used in the race are known as Indy 500 cars, and they are specially designed for the event. Racers compete in these cars to win the coveted title of Indy 500 champion.