the IRL. For 2003, it lost title sponsor FedEx and engine providers Honda and Toyota to the IRL. IRL IndyCar Series & Champ Car World Series (2004–2007) After steadily losing teams and drivers, sponsors, and manufacturers, and after a series of major financial setbacks, CART filed for bankruptcy in 2003. The assets were purchased by a consortium called Open Wheel Racing Series (OWRS) in 2004 and the series was renamed the Champ Car Open Wheel Racing Series, later renaming it to the Champ Car World Series. However, the sanctioning body continued to be plagued by financial difficulties, In 2007, CCWS's presenting sponsors Bridgestone and Ford Motor Company withdrew. During this time, the IRL was now operating under the moniker IndyCar Series, and slowly beginning to establish itself as the more preeminent national championship trail. In 2005, the IRL added road/street courses, and began picking up several former CART venues. IndyCar (2008–2019): Unification era Prior to the start of the 2008 season, the CCWS Board authorized bankruptcy and Champ Car was absorbed into the IRL, creating a unified series for the national championship for the first time since 1978. The unified series competed under the name IndyCar Series. The two calendars were merged into one schedule, with the top Champ Car races surviving. Some of the other races from the Champ Car schedule were dropped or put on hiatus for a few seasons. All historical record and property of CART/CCWS was assumed by the IRL. Randy Bernard was announced as the new IRL CEO in February 2010. In 2011, the sanctioning body dropped the Indy Racing League name, becoming IndyCar to reflect the merged series. The new Dallara DW12 racecar was introduced for the 2012 season. Bernard was replaced by Mark Miles in 2012. The series operated under the name IZOD IndyCar Series from 2010 to 2013, then became known as the Verizon IndyCar Series from 2014 to 2018, and the NTT IndyCar Series since 2019. IndyCar (2020–present): Penske era In 2020, the IndyCar Series, as well as the Indianapolis Motor Speedway and other holdings, was sold to Penske Entertainment Corp., a subsidiary of the Penske Corporation, owned by Roger Penske. Car names and trademarks The race cars participating in national championship events have been referred to by various names. Early nomenclature was to call the machines "Championship Cars", which was later shortened to "Champ Cars". The ambiguous term "Big Cars"