The fastest lap statistic has been officially kept for the Indianapolis 500 since 1950.
The honor is held in somewhat minor prestige, and typically a cash prize is awarded to the driver who accomplishes the feat.
It is commonly done by a driver not leading the race at the time, due to drafting.
From 1950 to 1960, the Indianapolis 500 awarded points towards the World Championship of Drivers.
During those eleven races, the driver setting the fastest lap received championship points towards the world title.