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IndyCar in early stages of growth: CEO

With the Indianapolis 500 just days away, the company that runs the race said things are looking good.

"Attendance this May so far is up 30 percent. The television audience so far is up fivefold over last year and we haven't gotten to the big race yet," said Mark Miles, CEO of Hulman & Co., which owns IndyCar.

The company recently made several changes in an effort to increase its visibility and its bottom line, including adding the IndyCar Grand Prix before the Indy 500. IndyCar has also changed its qualifying format, its series calendar and has added Verizon as a sponsor.

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Indianapolis Motor Speedway during the Indianapolis 500
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Indianapolis Motor Speedway during the Indianapolis 500

Kurt Busch, who has NASCAR roots, has also brought a lot of visibility to the Indy 500, Miles said. Busch plans on becoming the fourth driver to attempt completing both the Indy 500 and NASCAR's Coca-Cola 600 in one day—a total of 1,100 miles. Only Tony Stewart has successfully completed all 1,100 miles.

"To get him out here to see him do so well so quickly brings a lot of attention," Miles said.

The attention can only help IndyCar, which Miles said is in "solid" financial shape and looking to grow.

"We are investing. We're adding a lot of people, a lot of technology," he said. "We're in the early stages of a growth mode."

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—By CNBC's Michelle Fox. The Associated Press contributed to this report.

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