In 2016, a revitalization and modernization project began, to expand the museum floor and add interactive displays. In addition, in April 2016, the facility was officially renamed the Indianapolis Motor Speedway Museum.
The museum rotates a display of over 75 cars at any given time. Due to considerable space restraints, only a small portion of the total collection can be displayed. Many cars are stored in the invitation-only basement, or at separate off-site facilities. Some of the cars in storage, however, are not restored to display condition. Frequently, cars are sent on loan for display at other museums, historical car shows, parades, and other activities.
The collection includes over thirty Indianapolis 500 winning cars, various other Indy cars, and several racing cars from other disciplines. Other items on display include trophies, plaques, racing paraphernalia such as helmets, gloves, and driver's suits. A collection of models, photographs, toys, and paintings are also for view. One display exhibits a timeline of scoring devices.
The Indianapolis Motor Speedway Hall of Fame, also referred to as Auto Racing Hall of Fame, dates back to 1952. It was established and supported by the AAA and Ford Foundation. It was originally the brainchild of Tony Hulman who had expressed interest in starting a racing hall of fame shortly after he purchased the Indianapolis Motor Speedway in 1946. As of 2015, there have been 150 inductees enshrined into the hall.
The AAA dropped out of racing entirely in 1955. After being established for only three years, and after only a handful of historical, veterans committee inductees, the hall of fame went dormant. A year later, the first Indianapolis Motor Speedway museum opened its doors. In 1961, Hulman acquired and revived the hall of fame, and incorporated it into the Speedway's museum organization.
Candidates can be nominated after at least twenty years from the first date of active participation in professional-level auto racing. A short list of eight finalists from before 1970, and eight after 1970 are placed on the ballot. Inductees must receive 75 percent of the votes of a roughly 150-member panel of racing officials, living hall of fame members, and selected media representatives. Participation and accomplishments in the Indianapolis 500 are heavily weighed, but are not the lone factors in consideration. Voting is usually held annually in the spring, and members are inducted about a week before the race during a special ceremony. There is no set number of inductees for each year, and the number varies annually.
Inductees that are deceased are sometimes assigned Speedway historian Donald Davidson to accept the award in their memory. In 2004, former car owner Roger Penske accepted the award on behalf of Emerson Fittipaldi, who could not make the trip from Brazil.