The 38th International 500-Mile Sweepstakes was held at the Indianapolis Motor Speedway on Monday, May 31, 1954. The event was part of the 1954 AAA National Championship Trail, and was also race 2 of 9 in the 1954 World Championship of Drivers.
Bill Vukovich won his second consecutive 500. Vukovich died the following year attempting to win his third consecutive Indy 500. The race reportedly went 110 laps before the first yellow light.

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