The main event is a series of timed runs in which antique automobiles, trucks, and motorcycles from the Steam, Brass, Vintage, Antique, and Classic Car eras ascend the town's steep, 1800-foot-long Main Street hill as quickly as possible.

The festival is the second largest auto event in Indiana after the Indy 500 and Brickyard 400.

Hill Climbing contests were becoming more commonplace, and by 1915 the “newness” has worn off; board-track and other circular racing forms were becoming more popular.

The first event was held in 1968, and soon after the First Sunday of October was designated as the “race day".

Early festivals began on Thursday or Wednesday with nightly activities before settling into the current three-day format.