The Indy 500 is 500 miles long, hence the "500" component of the name. The drivers complete that distance by completing 200 laps of the 2.5-mile oval circuit layout at the Indianapolis Motor Speedway. The race has been called the "Indy 500" since it was established in 1911. The first Indianapolis 500 was held on May 30, 1911. The event took place during the inaugural season of American auto racing's National Association. Frank Kuchel won the pole and the race with his De Dion rear-wheel-drive vehicle. The total prize money offered for the race was $10,000 (1911 dollars). The Indianapolis 500 is the only major race of its type that is open to cars, motorcycles, and bicycles. Other races may offer separate classes for each type of motor vehicle but none that combine them all into one race. The Indianapolis Motor Speedway is the only venue that hosts this particular event. The term "Indianapolis 500" is used throughout the world to refer to this race. In 1914, the name of the race was changed to honor its founder, Carl Fisher. In 1927, the word "Derby" was dropped from the name.