Carbiz Inc.

Carbiz Inc.

June 29, 2005 10:00 ET

Carbiz Continues Expansion With Auto Credit Center In Tampa

SARASOTA, FLORIDA--(CCNMatthews - June 29, 2005) - Carl Ritter, chief executive officer of Carbiz Inc. (TSX VENTURE:CZ)("Carbiz" or the "company"), announced that Carbiz is continuing its Florida expansion with a Carbiz Auto Credit Center in Tampa. The business, located at 4106 N Florida Ave., finances and sells automobiles at reasonable rates to people who otherwise might not qualify for a loan.

"We're excited to begin serving the Tampa community," said Mark Dubois, manager of the Carbiz Auto Credit Center in Tampa. "The success of our credit center business is based on a philosophy of treating customers with dignity and respect. We combine this customer-friendly approach with interest rates below the industry average, which encourages customer loyalty."

The Tampa credit center business is operated by Carbiz and is owned by a joint-venture partnership in which Carbiz has a 50-percent share. Ritter said the success of the first two, corporate-owned credit centers - in Palmetto and St. Petersburg - helped to boost the company's year-over-year revenue by 28 percent. First-quarter earnings were $80,802 compared to a loss of $502,247 in the same period last year, Ritter said.

"The impact of the first two Carbiz Auto Credit centers is beginning to show in the company's earnings," Ritter said. "By the third quarter, we will begin to see results from credit center expansion fueled by the joint venture announced earlier this year. The outcome will be continued increases in year-over-year revenue throughout this fiscal year."

Ritter said the company is seeking a listing on the U.S. Over-The-Counter Bulletin Board (OTCBB). Carbiz is currently publicly traded on the Canadian TSX Venture Exchange ("CZ":TSX:V).

About Carbiz

Based in Sarasota, Florida and Toronto, Canada, Carbiz is a leading provider of Internet and software solutions to the North American automotive industry. Carbiz's suite of business solutions includes dealer software products focused on the finance, sub-prime finance and "buy-here, pay-here" markets. Carbiz has 40 full-time employees and provides finance solutions, lead generation, Internet capability and training services. Carbiz supports more than 3,000 dealers with a recurring revenue model, in addition to individual product sales. Carbiz also provides a tax refund service and refund anticipation loans at a facility in Sarasota, Florida that employs 90 people on a seasonal basis.

In calendar year 2004, Carbiz began to leverage its industry knowledge and software products into company-owned credit centers, which are used-car dealerships that offer financing to customers with poor credit. Carbiz opened its first two credit centers in Palmetto and St. Petersburg, Florida in 2004. Each credit center originates, funds, manages and collects loans for vehicles sold to customers.

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