Carbiz Inc.

Carbiz Inc.

May 18, 2006 09:38 ET

Carbiz Inc. Sells Tax Max Assets

SARASOTA, FLORIDA--(CCNMatthews - May 18, 2006) - Carbiz Inc. (TSX VENTURE:CZ) ("Carbiz") announced that it sold the assets of Tax Max for $442,000 in cash to Tax Refund Services Inc. of Tampa, Florida. The Tax Max business unit, which operated on a seasonal basis, provided a tax return processing service to dealer clients of Carbiz for a processing fee. The sale of this business unit allows Carbiz management to focus its attention and assets on growing the Carbiz Auto Credit business.

According to Carl Ritter, Carbiz CEO, "Management is focused on the growth and execution of its auto credit and software business. The sale of this asset will allow Carbiz to fund further growth in the auto credit business and focus on adding additional credit centers and increasing sales."

"Acquiring TaxMax will increase our presence in over 1,000 car dealership locations. We look forward to providing the clients of TaxMax/Carbiz the same professionalism and service that they have received for many years," said William J. Neylan III, president/CEO of Tax Refund Services Inc.

About Tax Refund Services Inc.

Founded in 1995 and based in Tampa, Florida, Tax Refund Services specializes in the preparation and electronic filing of personal income taxes in over 500 car dealerships throughout the country. For more information about Tax Refund Services, visit

About Carbiz

Based in Sarasota, Florida, Carbiz is a leading provider of software, training and consulting solutions to the U.S. 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. Carbiz also operates a chain of "buy-here pay-here" dealerships in Florida which are wholly owned and joint venture companies. 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 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. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Heidi Smith Communications, Inc.
    Heidi Smith
    Media Contact
    (941) 504-2803
    Carbiz Inc.
    Carl Ritter
    Chief Executive Officer
    (941) 952-9255, ext. 1014