The motor racing event known as "The Greatest Spectacle in Racing" is the Indianapolis 500. This prestigious event is part of the IndyCar Series and has been held annually since 1911, featuring a 500-mile race on the Indianapolis Motor Speedway. The race attracts a huge crowd and is famous for its high speeds and dramatic moments, making it a pinnacle in the world of automobile racing. The excitement and tradition surrounding this event contribute to its reputation and enduring legacy.