KV Racing Technology, the team that won the 2013 Indianapolis 500 race, recently announced that it is shutting down its operations. The team added that it will sell off the remaining of its racing assets in March.

KV Racing Technology made the announcement was made on Feb. 16. The team was owned by Australian businessman Kevin Kalkhoven and former CART champion Jimmy Vasser. The team was originally founded as PK Racing back in 2003. It was later renamed as KV Racing Technology in 2008, the time when the team began joining the IndyCar series.

"I feel I can no longer give the team the effort and support it and the team members deserve," the 72-year-old Kalkhoven said in a statement acquired by Indy Star. " I remain committed to help in any way I can, particularly in encouraging new owners and sponsors"

During its run, KV Racing Technology was able to amass seven IndyCar circuit victories, including the 2013 Indianapolis 500 with Tony Kanaan as driver. The drivers who have driven for the team are Will Power, Sebastien Bourdais, Stefan Wilson, Takuma Sato, E.J. Viso, Simona de Silvestro, and the late Bryan Clauson, according to Fox59.

The KV Racing Technology assets auction will be managed by Key Auctioneers. The auction will take place on March 27. Among the key inventories expected to be auctioned are a current year Dallara race car and parts, hospitality transporter and trailer, and two race transporters.

Other items that are also part of the auction are apparel, memorabilia, two cart, fuel rig, golf carts, LISTA cabinets, Honda scooters, pit equipment, fabrication equipment, racing shoes, driver and crew suits, helmets, and various tools. The auction will take place in KV Racing Technology's headquarters in 4001 Methanol Lane, Indianapolis, Indiana.

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