There was some excitement when Juan-Manuel Fangio took part in initial practice for the 500 but the five-time World Champion decided not to try qualifying as his car was too slow and unreliable. As a result it was, as usual, an all-American affair with Dick Rathmann emerging fastest in his McNamara Special with Ed Elisian and Jimmy Reece sharing the front row for the Memorial Day classic.

The field made it through the first two turns without drama but in Turn Three Elisian lost control and went into the wall, taking Rathmann with him. Reece spun and was hit by Bob Veith and Pat O'Connor, the latter's car flipped and the driver suffered fatal injuries. Further back Jerry Unser went over the wall as car after car was involved in the crash. He suffered a dislocated shoulder but was otherwise unhurt. The race was eventually restarted and was won by Jimmy Bryan in a Belond AP Special.