The term "Indy car" originated as a nickname for cars competing in the United States Auto Club (USAC) Championship Division, derived from the sport's flagship event, the Indianapolis 500. In 1992, during an attempt by CART to broaden their board membership, the Indianapolis Motor Speedway registered the camel-case trademark IndyCar with the United States Patent and Trademark Office and licensed it to CART. In 1996, IMS President Tony George launched the Indy Racing League as a new national championship series, triggering a legal battle: CART sued to protect its license to the IndyCar mark, and IMS filed a separate suit against CART to prevent further use. A settlement required CART to give up the mark after the 1996 season; the IRL agreed not to use the name before the end of 2002. CART returned to branding as simply CART for 1997 and resurrected the term "champ car" for its vehicles. The IRL announced it would rename its premier series the IndyCar Series for the 2003 season.
The dispute centred on the Indianapolis 500, long the flagship of the sport. From 1980 to 1995, USAC continued to sanction the 500 while CART drivers predominantly competed and points counted toward the CART drivers' championship. George felt his opinions on increasing costs and revenue sharing were being ignored, while CART team owners believed George used his influence over USAC to disproportionately impact the sport. After compromise board proposals failed, IMS formed the IRL in 1994, with racing to begin in 1996. George blueprinted the IRL as focused solely on oval tracks, aiming to develop American drivers from midget and sprint car ranks — mirroring the path taken by legends A.J. Foyt, Mario Andretti, Johnny Rutherford, Al Unser Sr., and Bobby Unser in the 1960s.
From its first season, the IRL reserved 25 of the 33 starting positions at the Indianapolis 500 for full-time IRL teams. In 1996, CART retaliated by scheduling the U.S. 500 at Michigan International Speedway on Memorial Day — the traditional date for the Indianapolis 500. The IRL's 1997 technical rules introduced less expensive chassis and "production-based" engines purchased rather than leased, technically incompatible with CART specifications. The IRL's early seasons featured sparse schedules and inexperienced teams, with a perceived decline in Indianapolis 500 prestige.
The IRL began attracting top teams from CART starting in 2002, contributing to CART's bankruptcy; a trio of former CART team owners purchased CART's assets from the bankruptcy court and reorganised as the Champ Car World Series in 2003.
On 23 January 2008, Tony George offered Champ Car management a proposal including free cars and engine leases to Champ Car teams willing to run the full 2008 IndyCar Series schedule, in exchange for adding Champ Car's dates at Long Beach, Toronto, Edmonton, and Australia to the IndyCar schedule. An initial offer had been made in November 2007. On 10 February 2008, George and IRL representatives travelled to Japan to discuss the Indy Japan 300 at Twin Ring Motegi, which would need to be moved or postponed to accommodate the Long Beach Grand Prix. The agreement to unify the sport for 2008 was completed in February 2008: the Champ Car World Series was suspended except for the Long Beach Grand Prix, and many former Champ Car teams joined the IndyCar Series using IRL-provided equipment.
Randy Bernard was announced as the new IRL CEO in February 2010. In 2011 the sanctioning body officially dropped the Indy Racing League name, becoming IndyCar. The new Dallara DW12 race car was introduced for the 2012 season. Bernard was fired in October 2012 and replaced by Mark Miles. The company's legal name was changed to INDYCAR LLC on 1 November 2013.
Penske Corporation purchased IndyCar and the Indianapolis Motor Speedway from Hulman & Co. in November 2019 through its subsidiary Penske Entertainment Corp. In July 2025, Fox Corporation purchased a one-third stake in Penske Entertainment Corp for around $125–135 million.
Driver safety was a persistent concern, particularly in the series' early years, with the lack of run-offs on oval tracks and higher speeds creating little margin for error. Five fatal crashes occurred within the series: Scott Brayton in a 1996 Indianapolis 500 practice session; Tony Renna during a 2003 Firestone private testing session; Paul Dana in the 2006 Toyota Indy 300 practice session; Dan Wheldon in the 2011 IZOD IndyCar World Championship; and Justin Wilson at the 2015 ABC Supply 500. Following a series of high-profile accidents in 2003 — including incidents involving Mario Andretti and former champion Kenny Bräck, and Renna's death — the IRL made additional changes to reduce speeds and increase safety. IndyCar was the first racing series to adopt the SAFER soft wall safety system, which debuted at the Indianapolis 500; the research and design was supported and funded in large part by the Hulman-George family and the Indianapolis Motor Speedway.
Following the absorption of Champ Car, the IndyCar Series evolved to resemble the CART series it had separated from: former prominent CART teams such as Chip Ganassi Racing and Team Penske became frequent race winners, a strong contingent of foreign-born drivers entered the series, and the schedule shifted to include more road and street courses than oval tracks. The series subsequently introduced hybrid powertrains.
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