Further cost savings were explored in the form of an extensive platform-sharing arrangement with Mitsubishi, which spawned the Caliber subcompact as a replacement for the Neon, and the Avenger sedan. The rear-drive chassis was then used in early 2008 to build a new Challenger, with styling reminiscent of the original 1970 Challenger. Like its predecessor, the new Challenger coupe was available with a V8 engine (base models featured a V6). In Spring 2007, DaimlerChrysler reached an agreement with Cerberus Capital Management to sell its Chrysler Group subsidiary, of which the Dodge division was a part. Soon after, the housing bubble began to collapse the American market, and on May 1, 2009, Chrysler and GM filed for bankruptcy on the same day.