The Penske PC-23 was a highly successful CART racing car that competed in the 1994 IndyCar season with Penske Racing, and in the 1995 IndyCar season with Bettenhausen Motorsports. It was designed by Nigel Bennett, who based its design on the 1993 car, the PC-22, which was a radical departure from the basic concept of the previous Penske cars. The PC-23 was one of the most dominant open-wheel race cars ever developed. It won both the 1994 CART season, and the 1994 Indianapolis 500 with Al Unser Jr., together with Emerson Fittipaldi and Paul Tracy scoring 12 wins out of 16 in total, collecting 10 pole positions and 28 podium finishes, in a season that saw Penske also take the Constructor's Cup, and the Manufacturer's Cup with the Ilmor-Mercedes-Benz engine. Nevertheless, the car is mostly known for the controversial pushrod Mercedes-Benz 500I engine, designed and developed for the single race of Indianapolis, exploiting a loophole in different technical rules between the Indy 500 and CART sanctioning bodies at that time.

The 1994 PPG Indy Car World Series season was the 16th national championship season of American open wheel racing sanctioned by CART under the name "IndyCar". The season consisted of 16 races. Al Unser Jr. was the national champion, his second CART title, and the rookie of the year was Jacques Villeneuve. The 1994 Indianapolis 500 was sanctioned by USAC, but counted towards the CART points championship. Al Unser Jr. won the Indy 500 from the pole position, his second career victory in that event.