It was established at the 1967 event and renamed after automotive engineer, inventor and former chairman of SAE International's Indiana Section Louis H. Schwitzer by SAE before the 1978 race. Schwitzer also won the first automobile race to be held at Indianapolis Motor Speedway in 1909. Each year before the Indianapolis 500, an Indiana Section SAE International members committee meet with IndyCar Series technical officials to identify potential candidates. The committee interviews candidates and votes to determine the winner. Accolade sponsor BorgWarner and the Indiana Section of SAE International provide $10,000 prize money to the recipient or team, who receive a plaque and have their names added to a permanent trophy on display at the Indianapolis Motor Speedway Museum. The presentation of the award is made annually at Indianapolis Motor Speedway before the Indianapolis 500.