The term INDY 500 RACER refers to a person who competes in the Indianapolis 500, 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 the winner is considered to be the champion of the IndyCar Series. The crossword solution for this term is CAR, which is an abbreviation for 'combustion-powered automobile racing'.