Jim Nabors retired in 2014 leaving the position open.
The former Indiana governor calls watching the race part of a family tradition.
The items up for auction include a horse-drawn hansom cab, dozens of wooden carousel horses, and a large player-piano-type organ.
Speedway officials say fans coming to this year's race will have to practice patience.
The Indianapolis 500 sold out on Friday, 23 days before the race.
New exhibit space has been created where offices once were, with new displays set to open in May.
The Indianapolis Motor Speedway hosted its very first non-race day concert on Saturday.
The bill creates a Motorsports Improvement Fund for loans for those businesses in the state including race tracks, race team owners, drivers and others.
The Speedway would receive $5 million a year for proposed improvements, to be repaid through the anticipated increase in income and sales tax collections.
The original Senate bill was aimed solely at providing financial support to the Indianapolis Motor Speedway for much-needed improvements at the track.