IndyCar, LLC is the sanctioning body for American open-wheel racing, headquartered in Indianapolis, Indiana, and governs the premier IndyCar Series (centered on the iconic Indianapolis 500) alongside the developmental Indy NXT series. Formed in 1994 as the Indy Racing League by Hulman & Company, it began competition in 1996 and officially adopted the trademark name "INDYCAR" in 2011, emerging from a bitter split with CART that lasted until the two series unified in 2008. The term "Indy car" originates from the nickname for cars competing in the Indianapolis 500, and a trademark dispute with CART in the 1990s delayed the league's use of the name until 2003. Ownership shifted in November 2019 when Penske Entertainment Corp (a subsidiary of Penske Corporation) purchased IndyCar and the Speedway from Hulman & Co., and in July 2025, Fox Corporation acquired a one-third stake in the company for roughly $125–135 million. This makes IndyCar the fourth major sanctioning body to govern the sport, following the AAA, USAC, and CART, with its roots tracing back to 1905.