There were 701 Dodge Indy Pace Car 500 pace-car replicas built, all in Pace Car Yellow and Jewel Black. (Stellantis NV)
The 1954 Dodge Indy Pace Car was introduced for the debut of the new Royal top trim level. It was offered only with a 241-cubic-inch, 150-hp, Red Ram Hemi V-8 engine.
The Royal slotted above the mid-level Dodge Coronet and the base level Meadowbrook. The Royal lineup consisted of a four-door sedan, convertible, club coupe, and sport coupe two-door hardtop.
To direct attention to the new model, Dodge created the 1954 Dodge Indy Pace Car.

(Stellantis NV)
According to a report in BringATrailer.com , many enthusiasts consider the Royal the division’s first muscle car. There were 701 pace-car replicas built, “all which were painted Pace Car Yellow and Jewel Black two-tone.”
The cars were designated the Royal 500 and cost $2,808 — $201 more than the regular model, according to SignificantCars.com. “For that, the buyer got the same equipment as the actual pace car, including a Continental-style rear spare-tire mount, Kelsey Hayes wire wheels, and special trim and lettering.

The lineup consisted of a four-door sedan, convertible, club coupe and sport coupe, the latter being a two-door hardtop. (Stellantis NV)
Red Ram V-8
“Royal 500s came with the Red Ram V-8, which used a Stromberg two-barrel carburetor, had 7.5:1 compression and solid valve lifters and was rated at 150 hp at 4,400 rpm.
“The actual pace car was fitted with a custom Offenhauser intake manifold and Rochester four-barrel for a reported 170 bhp at 4,400 rpm. (‘The Offy manifold that went on the actual pace car may have had a Rochester because Offenhauser preferred Rochester carbs in those days. I believe Dodge made their own cast iron manifold for the replicas and put a 450 cfm Carter WCFB on those.’). This manifold and carb setup was available on pace car replicas via special order.”