Read about it at http://blog.hemmings.com/index.php/2011/06/20/100-year-old-velie-wins-the-2011-great-race/William Lamb Velie, the grandson of John Deere, started the Velie Carriage Company in 1902 in Moline, Illinois. By 1909, he switched to automobiles and incorporated the Velie Motor Vehicle Company. While the Velie used supplied engines in its first two model years, the company switched to its own four-cylinder engine in 1911, the same year a Velie driven by Howard Hall entered the inaugural Indianapolis 500. The company continued to build automobiles – including a six-cylinder and an eight-cylinder – through 1928.
for a gallery of another 1911 Velie (how can 2 of these be driving around, and on opposite coasts?) that I photographed in Aug 2009 http://justacarguy.blogspot.com/2009/08/1911-velie-at-lamesa.html
For an idea of how much it costs to apply; just for the privilige of joining this race, an entrance fee of $125,500 must be forked over for a sponsored car, and $109,500 for a private car.