The 88th running of the "The Greatest Spectacle in Racing," also known as the Indianapolis 500, takes place May 30. Thirty-three open wheel racing cars built to Indy Racing League (IRL) specifications will attempt to lead the field to the checkered flag after 200 laps around the fabled 2.5-mile track at the Indianapolis Motor Speedway. Here's a look at the race's origins and history.

In the Beginning

Indianapolis automobile manufacturer and entrepreneur Carl Fisher founded the track in 1909. He acquired 300 acres northwest of Indianapolis and laid out his track in an era when most oval racetracks were one mile. The track was to be a proving ground for any manufacturer who wanted to test his vehicle against his competitors'.

The track's first car race was a 300-mile event on August 19,1909; the first 500-mile race took place on Memorial Day, May 30, 1911. Ray Haroun won in his Marmon Wasp, inventing the rear view mirror so he didn't need the extra weight of a "riding mechanic" to help look for other cars. The race was held on Memorial Day every year (except for war years) until 1971, when Congress changed the holiday to the last Monday in May. The race is now the Sunday before.

In the early years of auto racing, national automobile clubs sanctioned racing events in each country that joined the Federation International des Automobiles (FIA), the worldwide group that administers international driver's licenses, harmonizes regulations, and sanctions racing through its national member groups.

America's first sanctioning body was the American Automobile Association (AAA), which started governing races in 1904, but stopped in the 1950s after a series of fatal accidents. In 1956, the United States Auto Club (USAC) was founded to take over race sanctioning. USAC continues to sanction much American open wheel oval track racing and the Indy 500.

Start of CART

Unhappy with some USAC policies, a group of car owners created Championship Auto Racing Teams (CART). Their first championship in 1979 went to four-time Indy winner Rick Mears. It took a lawsuit to allow CART teams to participate.

In 1995, Indianapolis Motor Speedway owner Tony George created the Indy Racing League. Its stated purpose was to lower the cost of racing. IRL cars are based on production car V-8 engines and run only on oval tracks, while CART runs mainly temporary street circuits like Long Beach, Calif., and permanent road circuits like Road America, in Elkhart Lake, Wis. Since 1996, the IRL has been running the Indy 500, under sanction by USAC.

In 2000, CART Team Target Chip Ganassi built a car for the 500 and entered defending CART champion Juan Pablo Montoya. He won. The following year, a number of CART owners followed Ganassi's lead. Roger Penske's driver, Helio Castroneves, took the victory in 2001 and 2002, while teammate Gil DeFerran won it last year.

After Penske, one of the CART founders, switched to the IRL, other team owners followed suit, bringing names like Michael Andretti's Team Andretti-Green and team Target Chip Ganassi.

This Year's Race

Among the favorites for this year's Indy 500 are Tony Kanaan in the 7-11 Andretti-Green car, last year's series champion Scott Dixon with Target Chip Ganassi, Marlboro Team Penske drivers Helio Castroneves (a two-time Indy 500 winner) and new teammate Sam Hornish, Jr. (a two-time IRL champion). Pat Patrick, a three-time winning car owner, signed two-time-500 winner and racing legend Al Unser, Jr.

Since the CART/IRL split, the race has not sold out, but crowds are still well above the 400,000 mark. The city of Indianapolis does a great job of moving people in and out of the Speedway, but you should allow several hours before and after the race to get from any Interstate to and from the track. You may be better off parking downtown and taking a bus.