Carbiz Inc.
OTC Bulletin Board : CBZFF

Carbiz Inc.

December 17, 2007 08:30 ET

CarBiz's New "Superstore" Expects to Generate Sales Volume Eight Times That of Existing Stores

SARASOTA, FLORIDA--(Marketwire - Dec. 17, 2007) - CarBiz Inc. (OTCBB:CBZFF), the fourth largest Buy Here Pay Here car dealership chain in America, has announced plans to open its first "Superstore" in Houston, Texas next month. The facility will be significantly larger than its existing 26 dealerships with enhanced service operations, collections and sales departments.

The new facility will have the average vehicle price at $15,000 compared to under $6,000 at CarBiz's typical store and overall unit sales are expected to be up to four times that of a typical CarBiz store as well. Contract terms are expected to be up to four years which will further enhance the company's revenue position by maintaining a customer longer and exposing them to other alternative financial services such as pay day loans and check cashing.

Company CEO Mr. Carl Ritter is looking forward to 2008 and this addition to CarBiz's portfolio. He said, "The superstore model is a project that we have been analyzing for some time. We expect it to add significant revenue and earnings to our Buy Here Pay Here division and we hope to add additional superstores in the future."

The Houston market is a prime demographic for CarBiz with 60% of all car buyers needing some form of subprime financing.

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, bringing the total number of dealerships to 26 in eight states. For more information about CarBiz and its services, visit CarBiz's web site:

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.

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