The trophy was named for, and donated by, Ira M. Cobe, president of the Chicago Automobile Club.
The first running took place at the Crown Point Road Race Circuit, in northwestern Indiana.
For the second year, proposals were submitted by the Indianapolis Motor Speedway and by the Elgin Road Race Course, just west of Chicago.
At the time of this decision, the Club also announced the intent to bring the race to the Chicago area in 1911.
Only two drivers competed in both Cobe races, 1909 winner Louis Chevrolet and his teammate, Bob Burman.