Álex Palou, driving for Chip Ganassi Racing, won his second championship. His first championship came in 2021. This victory was the 15th for Chip Ganassi Racing. Palou secured the championship at the penultimate round of the season in Portland. This was the first time a driver had won the championship before the season finale since Sébastien Bourdais' championship victory in the 2007 Champ Car World Series.
Will Power of Team Penske entered the season as the reigning drivers' champion. He had won the title at the final round in Laguna Seca by 16 points over his teammate Josef Newgarden. Defending Indianapolis 500 winner Marcus Ericsson entered 2023 in a contract year for Chip Ganassi Racing. In February 2023, 2013 Indianapolis 500 winner and 2004 IndyCar Series champion Tony Kanaan announced his retirement from IndyCar after the Indianapolis 500.
The 2023 season saw several marketing changes intended to increase domestic viewership. On December 8, 2022, the CW Network announced a reality documentary series titled 100 Days to Indy, which premiered on April 27, 2023. Produced by Vice Media, Penske Entertainment president Mark Miles noted that Penske Entertainment would receive monetary compensation for facilitating behind-the-scenes access. In February 2023, it was confirmed that the series organizer, Penske Entertainment Corp., planned for a marketing budget of approximately US$17 million, focusing on 20 markets. It was reported by Marshall Pruett of Racer.com that the annual Leader's Circle contracts would be reduced by $150,000 each to a value of $910,000. This money was allocated towards the Series' marketing budget.
New sponsorships were announced, including British oil and gas company Shell replacing Speedway LLC as an official fuel partner and supplier. The series introduced a 100% renewable fuel. This marked the second time the series utilized a non-American oil and gas company since the 2007 Champ Car World Series season, when French oil company Elf Aquitaine supplied methanol fuel. On February 2, 2023, the championship's sanctioning body announced that the Indianapolis 500 would no longer be a double points-paying race, ending a rule established in 2014.
Penske Entertainment faced criticism when 2022 Indy Lights champion Linus Lundqvist was unable to obtain a seat for the 2023 IndyCar season. In response, PEC added $350,000 to the champions advancement prize for the now-renamed 2023 Indy NXT. Lundqvist later made his IndyCar debut as a mid-season injury substitute at Nashville. The series' tire supplier Firestone announced expanded use of tires made from guayule rubber as the "alternate" tire for all street circuit races. Alternate tires were introduced on an oval for the first time at WWTR.
The 2023 season was scheduled to be the final season using the current 2.2-liter V6 twin-turbocharged engine formula, which debuted in 2012. A new 2.4-liter V6 twin-turbocharged hybrid engine formula was meant to debut in 2024. However, on December 6, 2022, it was announced that these plans would be put on hold, and hybrid technology would instead be implemented on the current 2.2-liter engines for 2024.
On July 12, 2022, Chip Ganassi Racing sent a press release stating they had extended Álex Palou's contract for the 2023 IndyCar season. Hours later, Palou denounced this press release via Twitter, claiming the attributed quote was created by the team and not approved by him. He stated he had given Chip Ganassi Racing prior notice of his intent to leave after the 2022 season and join McLaren Racing. Moments later, McLaren announced they had signed Palou for 2023. Chip Ganassi Racing responded by reiterating their claim to Palou's services. On July 27, 2022, Chip Ganassi Racing confirmed a civil lawsuit against Palou in Marion County, Indiana. On September 14, 2022, an agreement was reached for Palou to continue with Chip Ganassi for the 2023 season, and McLaren confirmed Felix Rosenqvist would return to AMSP.
On June 2, 2022, Arrow McLaren SP confirmed the signing of Alexander Rossi for 2023 in a third entry. He departed Andretti Autosport after seven years. On June 6, 2022, Andretti Autosport announced that 2021 Indy Lights champion Kyle Kirkwood would replace Rossi in the No. 27 entry, switching from A. J. Foyt Racing. On September 26, 2022, Jimmie Johnson announced he would step back from full-time racing. On September 28, 2022, A. J. Foyt Racing confirmed the signing of Benjamin Pedersen to a multi-year contract. On October 6, 2022, A. J. Foyt Racing confirmed they had signed Santino Ferrucci to drive the No. 14 entry. On October 11, 2022, Dalton Kellett announced he would not return to A. J. Foyt Racing.
On November 1, 2022, Arrow McLaren SP confirmed that Tony Kanaan would drive a fourth entry for the team at the Indianapolis 500. On November 17, 2022, Dreyer & Reinbold Racing announced a partnership with Cusick Motorsports to field Stefan Wilson in the No. 24 entry in the Indianapolis 500. On December 2, 2022, Chip Ganassi Racing announced the signing of Marcus Armstrong to race road and street course races in its No. 11 entry. On January 17, 2023, Takuma Sato was announced to join CGR for "oval competition." On January 18, 2023, Dale Coyne Racing with Rick Ware Racing confirmed 2022 Indy Lights runner-up Sting Ray Robb as Sato's replacement.
Mid-season changes included Ryan Hunter-Reay driving the No. 23 entry in the Indianapolis 500 for Dreyer & Reinbold Racing. Graham Rahal substituted for Stefan Wilson at the Indianapolis 500. Ed Carpenter Racing parted ways with Conor Daly, who later substituted for Simon Pagenaud at Meyer Shank Racing. Tom Blomqvist and Linus Lundqvist also substituted for Pagenaud. Rahal Letterman Lanigan Racing parted ways with Jack Harvey, with Jüri Vips running the final two races.
The 2023 IndyCar season began around the Streets of St. Petersburg. Marcus Ericsson claimed the race win ahead of Pato O'Ward and Scott Dixon. Josef Newgarden won the PPG 375 at Texas Motor Speedway. Kyle Kirkwood clinched his maiden win at the Acura Grand Prix of Long Beach. Scott McLaughlin won at Barber Motorsports Park. Álex Palou won the GMR Grand Prix and the Detroit Grand Prix. Josef Newgarden won the 107th Indianapolis 500.
Palou took his second consecutive win at Road America. He then led a CGR 1–2 at the Honda Indy 200. Christian Lundgaard won the IndyCar race around the streets of Toronto. Josef Newgarden won both races of the Iowa double-header. Kyle Kirkwood took his second win at the Music City Grand Prix. Scott Dixon won the Gallagher Grand Prix and at World Wide Technology Raceway. Palou won the Grand Prix of Portland and secured his second championship. Scott Dixon won the final race at Laguna Seca.
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