The Louis Schwitzer Award is sponsored by Cummins, Inc. and Valvoline, presented by the Indiana Section of SAE International to an engineer or team of engineers "for their innovative design and engineering excellence" and acknowledges "engineers with the courage and conviction to explore and develop new concepts in racing technology" in racing vehicles for the Indianapolis 500. The accolade also distinguishes engineers who were most responsible for designing and developing the winning concept to comply to IndyCar Series technical regulations, and awards "functional and recent permutations" that improve energy efficiency, performance or safety in chassis, drive train profiles by "emphasizing competitive potential along with future automotive industry possibilities." Although the award specifically recognizes new concepts, experimental ideas arising from previous winners are considered if the development in engineering improves it.

The Penske PC-10 is a CART open-wheel race car, designed by Penske Racing, which was constructed for competition in the 1982 season. Designed by Geoff Ferris, it is considered possibly the most dominant Penske race car design ever and that from a team that typically dominated. Rick Mears has been quoted as acknowledging this was his favorite racecar chassis ever. Twelve total were made (1-12), six raced by Penske (1-6), with four confirmed destroyed. They were manufactured at Penske Cars, Ltd. in Poole, England during 1982, and delivered to Penske Racing, Inc., in Reading, Pennsylvania. So outstanding was the PC-10's design, it won the prestigious Louis Schwitzer Award for innovation and engineering excellence in the field of race car design at the Indianapolis 500 in 1982. The PC-10s were active in the years 1982–1984. In fact, the PC-10 was ultimately much better than the following year PC-11, so Roger Penske bought back one of the PC-10s he had sold to another team for the 1983 season, and which then won another race for his team.