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The 1974 Repo 500K was an endurance race for Group C Touring Cars. It was held at the Phillip Island Grand Prix Circuit in Victoria, Australia on 24 November 1974 over a distance of 106 laps equalling a race distance of 501 kilometres (311 mi).
The race was won by Holden Dealer Team driver Colin Bond driving a V8 Holden Torana. Bond lapped the field, finishing a lap ahead of the Ford XB Falcon of veteran Murray Carter. Brothers Rod McRae and Russ McRae finished three laps behind Bond in their Torana to take third.
Cars competed in four classes:
Race results were as follows:
| Position | Drivers | No. | Car | Class | Laps |
|---|---|---|---|---|---|
| 1 | Colin Bond | 2 | Holden LH Torana SLR 5000 L34 | D | 106 |
| 2 | Murray Carter | 18 | Ford XB Falcon GT Hardtop | D | 105 |
| 3 | Rod McRae Russ McRae |
Holden LH Torana SLR 5000 L34 | D | 105 | |
| 4 | Graeme Blanchard | Holden LJ Torana GTR XU-1 | D | 103 | |
| 5 | Stuart Saker | Holden LJ Torana GTR XU-1 | D | 101 | |
| 6 | Kevin Kennedy | Holden LJ Torana GTR XU-1 | D | 99 | |
| 7 | Ray Gulson | Alfa Romeo GTV | B | 99 | |
| 8 | Jim Murcott | Alfa Romeo GTV | B | 99 | |
| 9 | Mel Mollison | Mazda RX-3 | B | 98 | |
| 10 | Matt Phillip | Holden Torana GTR | C | 96 | |
| 11 | Bill Evans | Datsun 1200 Coupe | A | 94 | |
| 12 | Brian Ovenden | Chrysler Valiant Charger R/T | D | 94 | |
| 13 | Stewart McLeod | Datsun 240K | C | 93 | |
| 14 | Colin Campbell | Ford Escort Twin Cam | B | 93 | |
| 15 | Ken Brian | Honda Civic | A | 92 | |
| 16 | Gary Toepfer | Toyota Corolla | A | 88 | |
| 17 | Graham Rowe | Ford Escort Twin Cam | B | 87 | |
| 18 | Max McClure | Mazda RX-3 | B | 84 | |
| 19 | Max McGinley | Honda Civic | A | 82 | |
| 20 | Geoff Wade | Ford Escort Twin Cam | B | 78 | |
| Other starters (listed in grid order) | |||||
| DNF | Allan Moffat | 33 | Ford XB Falcon GT Hardtop | D | |
| DNF | Peter Brock | 1 | Holden LH Torana SLR 5000 L34 | D | |
| DNF | Peter Janson | Holden LH Torana SLR 5000 L34 | D | ||
| DNF | Cam Richardson | Holden LJ Torana GTR XU-1 | D | ||
| DNF | John Stoopman | Holden LJ Torana GTR XU-1 | D | ||
| DNF | Robert Bride | Holden LJ Torana GTR XU-1 | D | ||
| DNF | Bernie McClure | Holden LH Torana SLR 5000 L34 | D | ||
| Excl | Nick Louis | Mazda RX-3 | C | 95 | |
| Excl | Tony Farrell | Mazda RX-3 | C | 100 | |
| Dave Clement | Morris Cooper S | A | |||
| John Bundy | Morris Cooper S | A | |||
| Robin Dudfield | Alfa Romeo | ||||
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