The 25th International 500-Mile Sweepstakes was held at the Indianapolis Motor Speedway on Monday, May 31, 1937.
Late in the race, Wilbur Shaw held a comfortable lead, and had lapped second place Ralph Hepburn. With about 20 laps to go, however, Shaw's car had been leaking oil, and had nearly lost nearly all of the oil out of the crankcase. Shaw slowed down considerably in an effort to nurse his car to the finish line. Second place Hepburn realized Shaw's problems, and began a charge to catch him. He unlapped himself, and went on a tear in hopes of victory.
As the laps dwindled down, Ralph Hepburn was closing dramatically. Shaw was largely defenseless, as he was carefully nursing the car around. Hepburn closed to a straightaway deficit, then was nearly in reach. On the final lap, Hepburn pulled within a few seconds. Some observers claim that Hepburn took the lead momentarily down the backstrech.
Shaw made one last ditch effort to win, and kept on racing despite the engine trouble. Shaw held off Hepburn for the win by 2.16 seconds, the closest finish in Indy 500 history to that point.
The margin would stand as the closest finish ever at Indy until 1982.
Results
| Finish | Start | No | Name | Qual | Rank | Laps | Led | Status |
|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 6 | 122.791 | 4 | 200 | 131 | Running | |
| 2 | 6 | 8 | 118.809 | 15 | 200 | 9 | Running | |
| 3 | 32 | 3 | 118.608 | 17 | 200 | 0 | Running | |
| 4 | 5 | 2 | 119.619 | 12 | 200 | 0 | Running | |
| 5 | 16 | 45 | 117.546 | 24 | 200 | 0 | Running | |
| 6 | 1 | 16 | 123.343 | 3 | 200 | 0 | Running | |
| 7 | 14 | 28 | 120.192 | 9 | 200 | 0 | Running | |
| 8 | 7 | 38 | 118.788 | 16 | 200 | 0 | Running | |
| 9 | 12 | 17 | 120.240 | 8 | 200 | 0 | Running | |
| 10 | 18 | 53 | 116.437 | 32 | 200 | 0 | Running | |
| 11 | 9 | 31 | 117.342 | 28 | 199 | 0 | Flagged | |
| 12 | 10 | 23 | 116.464 | 31 | 194 | 0 | Flagged | |
| 13 | 17 | 62 | 116.996 | 30 | 194 | 0 | Flagged | |
| 14 | 11 | 35 | 116.372 | 33 | 191 | 0 | Out of oil | |
| 15 | 24 | 32 | 118.942 | 14 | 190 | 0 | Crash T3 | |
| 16 | 25 | 34 | 118.555 | 18 | 182 | 0 | Flagged | |
| 17 | 26 | 42 | 118.518 | 20 | 170 | 0 | Carburetor | |
| 18 | 8 | 1 | 118.540 | 19 | 127 | 0 | Oil line | |
| 19 | 29 | 41 | 117.421 | 26 | 116 | 0 | Pushed | |
| 20 | 20 | 25 | 124.129 | 2 | 109 | 0 | Out of oil | |
| 21 | 28 | 43 | 117.497 | 25 | 107 | 0 | Clutch | |
| 22 | 3 | 54 | 121.983 | 5 | 106 | 2 | Rod | |
| 23 | 15 | 24 | 118.213 | 23 | 105 | 0 | No oil pressure | |
| 24 | 33 | 44 | 118.220 | 22 | 99 | 0 | Carburetor | |
| 25 | 27 | 26 | 118.241 | 21 | 95 | 0 | Rod | |
| 26 | 4 | 10 | 119.922 | 11 | 85 | 0 | Oil line | |
| 27 | 30 | 12 | 117.354 | 27 | 66 | 0 | Clutch | |
| 28 | 21 | 33 | 121.920 | 6 | 52 | 34 | Carburetor | |
| 29 | 22 | 47 | 121.822 | 7 | 47 | 0 | Piston | |
| 30 | 13 | 7 | 119.213 | 13 | 36 | 0 | Ignition | |
| 31 | 31 | 15 | 117.226 | 29 | 36 | 0 | Clutch | |
| 32 | 19 | 5 | 125.287 | 1 | 27 | 24 | Transmission | |
| 33 | 23 | 14 | 119.968 | 10 | 24 | 0 | Overheating |
| 1936 Indianapolis 500 Louis Meyer |
1937 Indianapolis 500 Wilbur Shaw |
1938 Indianapolis 500 Floyd Roberts |
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