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| Date | Monday 31 May 1954 |
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| Start time | 14:00 |
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| Event |  Indianapolis 500 |
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| Circuit | Indianapolis |
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| Event Format | Race of 200 laps |
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| Championship | World Championship |
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| Race number | #2 of 9 in 1954
#34 (of all time) |
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| Laps | 200 |
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| Circuit Perimeter | 4023 m |
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| Race Distance | 4023 × 200 = 804.600 km |
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| Grid Format | 3-3-3-3 |
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| Pole Position | Left |
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| First Corner | Left |
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| Track Direction | Anti-clockwise |
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| Weather | Very hot |
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| Entries | 55 |
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| Qualifiers | 33 |
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| Finishers | 31 |
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| Debutants | Bill Homeier (Driver),
Danny Kladis (Driver),
Ed Elisian (Driver),
Frank Armi (Driver),
Larry Crockett (Driver),
Len Duncan (Driver),
Pat O'Connor (Driver),
Pankratz (Car Manufacturer),
Phillips (Car Manufacturer),
Kurtis Kraft 500C (Car Model),
Pankratz (Car Model),
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Phillips (Car Model),
43 (Car Number),
Bruce Bromme (Entrant),
Cars Inc (Entrant),
Emmett J. Malloy (Entrant),
Francis Bardazon (Entrant),
Hoosier Racing Team (Entrant),
Miklos Sperling (Entrant),
Motor Racers Inc (Entrant),
South California Muffler Co (Entrant),
T.W. & W.T. Martin (Entrant)
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| Milestones | Firestone – 200th Race Entry (Tyre Manufacturer)
Jack B. Hinkle – 1st Fastest Lap (Entrant)
Jack B. Hinkle – 1st Pole Position (Entrant)
 Jack McGrath – 1st Fastest Lap (Driver)
Jack McGrath – 1st Pole Position (Driver)
Kurtis Kraft – 100th Race Entry (Car Manufacturer)
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| Records Broken |
1. Most 11th Place Finishes – Kurtis Kraft (7),
2. Most 15th Place Finishes – Kurtis Kraft (6),
3. Most 19th Place Finishes – Kurtis Kraft (3),
4. Highest 7th Place Finish Ratio – Phillips (100.00%),
5. Highest 10th Place Finish Ratio – Stevens (14.29%),
6. Highest 13th Place Finish Ratio – Manny Ayulo (66.67%),
7. Highest 17th Place Finish Ratio – Jimmy Reece (50.00%),
8. Highest 18th Place Finish Ratio – Stevens (28.57%),
9. Highest 18th Place Finish Ratio – Ed Elisian (100.00%),
10. Highest 19th Place Finish Ratio – Frank Armi, George Fonder (100.00%),
11. Most 11th Place Finishes in a Season – Kurtis Kraft (5),
12. Most 15th Place Finishes in a Season – Kurtis Kraft (4),
13. Most 18th Place Finishes in a Season – Stevens (2),
14. Most 19th Place Finishes in a Season – Kurtis Kraft (2),
15. Most 28th Place Qualifications – Jim Rathmann (2),
16. Most 29th Place Qualifications – Bromme (2),
17. Most 29th Place Qualifications – Spider Webb (2),
18. Most 30th Place Qualifications – Kurtis Kraft (2)
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| Records Extended |
1. Most 16th Place Finishes – Kurtis Kraft (4),
2. Highest Drivers' Championship Points Score Ratio – Duane Carter (300.00%),
3. Highest 13th Place Finish Ratio – Kuzma (22.22%),
4. Most 25th Place Qualifications – Kurtis Kraft (4),
5. Most 28th Place Qualifications – Kurtis Kraft (3),
6. Most 32nd Place Qualifications – Kurtis Kraft (4),
7. Most 33rd Place Qualifications – Kurtis Kraft (3)
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