The 76th Indianapolis 500 was held at the Indianapolis Motor Speedway in Speedway, Indiana, on Sunday, May 24, 1992. The race is famous for the fierce battle in the closing laps, as race winner Al Unser, Jr. held off second place Scott Goodyear for the victory by 0.043 seconds, the closest finish in Indy history. Unser, Jr. became the first second-generation driver to win the Indy 500, following in the footsteps of his father Al Unser, Sr. He also became the third member of the famous to win the race.

Cold temperatures and high winds turned the race into a crash-filled, marathon day. The tone for the race was set early when pole position winner Roberto Guerrero spun out and crashed on the pace lap. The race was dominated by Michael Andretti in the debut of the Ford Cosworth XB engine. Andretti led 160 laps and was 30 seconds in front when his fuel pump suddenly failed with eleven laps to go.

Thirteen cars were eliminated in crashes during the race, and several other serious wrecks occurred during practice. Former Formula One World Champion Nelson Piquet suffered serious leg injuries in a crash on May 7. Pancho Carter and Hiro Matsushita suffered broken bones in separate crashes, and rookie Jovy Marcelo was fatally injured after a practice crash on May 15. Defending champion Rick Mears crashed during practice and during the race, while Jeff Andretti experienced the worst crash during the race itself, suffering serious injuries to his legs and feet.

Following the race, sweeping changes came about at the track, largely in the interest of safety. In addition, a noticeable "changing of the guard" followed, as the 1992 race signaled the final race for several Indy legends, including A. J. Foyt, Rick Mears, Tom Sneva, and Gordon Johncock. A race-record ten former winners started in the field.

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