The Pacers were actually named mostly for Indiana’s history of famous horse racing pacers. Dan Patch was the most famous Pacer of all time and was bred in Indiana. The reference to pace cars was a nice extra tie in to the Indy 500. It also makes it quite the coincidence that Indiana’s other pro sports team also got its name from the horse racing industry, as the Baltimore Colts were named in honor of Baltimore’s horse breeding and racing history.