<P> The Indianapolis 500 is an automobile race, held annually on the last weekend in May to coincide with Memorial Day . The race is held at the Indianapolis Motor Speedway, located in Speedway, Indiana . The Indianapolis 500 is an open - wheel car race and is currently sanctioned by Indy Racing League LLC, and has been run as an IndyCar Series event since 1996 . The Indianapolis 500 is considered one of the most traditional and historical races in the world, and is also considered one of the three most significant motorsport races in the world . </P> <P> The first Indianapolis 500 was held in 1911, where Ray Harroun was declared the first winner, driving the Marmon Wasp . The race has been run annually since 1911 (with exceptions during World War I and World War II) and 71 drivers have been crowned champions of the 500 - mile race over the course of 101 races . The most race victories held by a single driver is four, which has been accomplished only by A.J. Foyt, Al Unser and Rick Mears . The Indianapolis 500 has also drawn many international drivers to the Indianapolis Motor Speedway over the years, with 26 of the winners coming from outside of the United States, representing nine separate countries . The most recent champion of the Indianapolis 500 is Takuma Sato, winner of the 2017 race . </P> <P> The winner of the Indianapolis 500 receives many prizes, many based on past tradition . One of the most iconic traditions is for the winner of the Indianapolis 500 to drink a bottle of milk, a tradition started by Louis Meyer who won the race in 1936 . The winner is also presented with a wreath in victory lane, and has the opportunity to kiss the yard of brick (the start / finish line), an Indianapolis Motor Speedway tradition started by NASCAR driver Dale Jarrett in 1996 at the Brickyard 400 and adopted by 500 winners since 2003 . The winner of the race also receives the pace car used during that race, and will have on the Borg - Warner Trophy a bas - relief sculpture of their face added to the base . The Borg - Warner Trophy has been used since 1936 and along with the sculpture on the original trophy, the winning driver and car owner receive a small replica . The Indianapolis 500 winner also receives a large purse, most recently at $2.49 million, given to Ryan Hunter - Reay in 2014 . Other prizes have been given to the race winner over the years, including a quilt, made by Jeanetta Holder, which is presented to the driver annually at the winner's photo shoot . </P>

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