The Indy 500, also known as the Indianapolis 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 the Memorial Day weekend each year and is part of the IndyCar Series. The RACE consists of 200 laps around a 2.5 mile oval track, and the winner is the driver who completes the most laps in the fastest time.