The Indy 500 is an annual automobile RACE held at the Indianapolis Motor Speedway in Speedway, Indiana. It is one of the most prestigious and longest-running races in the world, and is often referred to as 'The Greatest Spectacle in Racing'. The RACE is held on Memorial Day weekend and is part of the IndyCar Series. The term 'Indy 500' is a shortened version of the full name, which is 'Indianapolis 500 Mile RACE'. The RACE is also known as an 'automobile RACE', which is a 14 letter term for a RACE involving cars.