Hanks considered retiring following the 1956 Indianapolis 500, but agreed to return for the 1957 race at the urging of car owner George Salih. He would win in 1957 in his 13th attempt (the most tries of any Indy winner) and announced his retirement from racing in Victory Circle. He did not stop racing immediately following his victory, however, but completed his contract to run a stock car for the remainder of the 1957 season.