Sarasota, Florida [March 28, 2008] – CarBiz Inc. (OTCBB: CBZFF) announced that it has received a dealer license for the state of Texas. This marks the final dealer license for CarBiz to obtain following major acquisitions of 26 dealerships in the Midwest and one in Houston. The Houston dealership is the company’s first “Superstore” facility. It is significantly larger than the existing CarBiz dealerships with enhanced service operations, collections and sales departments.
Company CEO, Carl Ritter said, “We are excited to have all CarBiz dealerships fully operational in sales and collections. We expect the Houston facility to add significant revenue and earnings to our Buy Here Pay Here division and we hope to add additional superstores in the future.”
About CarBiz Inc.
Based in Sarasota, Florida, CarBiz owns and operates the nation’s fourth-largest chain of “buy-here pay-here” dealerships through its CarBiz Auto Credit division. The company is also a leading provider of software, training and consulting solutions to the United States automotive industry. CarBiz’s suite of business solutions includes dealer software products focused on the “buy-here pay-here,” sub-prime finance and automotive accounting markets. Capitalizing on expertise developed over 10 years of providing software and consulting services to “buy-here pay-here” businesses across the United States, CarBiz entered the market in 2004 with a location in Palmetto, Florida. CarBiz has added two more credit centers since – in Tampa and St. Petersburg – and recently acquired a large regional chain in the Midwest, and a dealership in Houston, bringing the total number of dealerships to 26 in nine states. For more information about CarBiz and its services, visit CarBiz’s web site: www.CarBiz.com.
Forward-Looking Statements
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future growth plans and objectives of CarBiz. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements as a result of known and unknown risks, uncertainties and other factors. Such factors that could cause actual results and future events to differ from those anticipated in such statements include, but are not limited to, the market acceptance of CarBiz’s Auto Credit Centers, the ability of CarBiz to effectively deploy the funds received from the convertible debenture financing, the ability of CarBiz to close on additional tranches of the convertible debenture financing, the possibility that the liquidated damage provisions or the default provisions could be triggered under the terms of the convertible debenture financing which could be adverse to CarBiz, CarBiz’s ability to measure the default rate of its borrowers, competition, the impact of any changes in applicable government regulation and general economic conditions. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. CarBiz assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Investor Relations
CarBiz Inc.
Jennifer Downey
1-800-654-4955 ext. 1203
Website: www.carbiz.com
AGORACOM Investor Relations
http://www.agoracom.com/IR/carbiz
http://www.carbiz.com
CBZFF@agoracom.com
