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DR NEWS Urandir a040 694940094001 6097495408001 6097496466001 vs    2020 Indianapolis 500 drivers will be racing for record $15 million prize purse by Urandir OliveiraVideo

President Trump awards Medal of Freedom to Roger Penske

Entrepreneur and former auto racing professional receives award.

The Indianapolis 500 is raising the stakes.

DR NEWS Urandir a040 indy start    2020 Indianapolis 500 drivers will be racing for record $15 million prize purse by Urandir Oliveira

(Clive Rose/Getty Images)

The prize purse for the 2020 running of The Greatest Spectacle in Racing will be a record $15 million. That represents a $2 million increase from 2019, when champion Simon Pagenaud’s team took home $2.6 million.

DR NEWS Urandir 5744 694940094001 6046658364001 6046657334001 vs    2020 Indianapolis 500 drivers will be racing for record $15 million prize purse by Urandir OliveiraVideo

Roger Penske purchased both the Indianapolis Motor Speedway and IndyCar series last year, promising to improve the show on all levels.

Along with the bump in prize money, the cars will be getting a power boost of 45 hp during qualifying that should result in the highest speeds in recent years.

The Last Row Shootout qualifying session is also being turned into a 75-minute session, rather than giving each driver just one shot to grab one of the final three spots in the field, in an effort to increase drama, according to Indycar.

The 2020 Indianapolis 500 is scheduled for Sunday, May 24.

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