Teter finished first in this year's women's Little 500. The team has not won since 2011. It won by less than a second.
Cutters finished first in this year's men's Little 500. It is the team's 14th win overall. It won by less than three-tenths of a second.
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Pietersen and Lomeli both previously worked with IU.
Parsons will be representing Canada.
The event starts at 4:30 p.m.