SOURCE: Carbiz Inc.

March 14, 2007 09:05 ET

Carbiz Inc. Announces Business Development News

SARASOTA, FL -- (MARKET WIRE) -- March 14, 2007 -- Carl Ritter, chief executive officer of Carbiz Inc. (OTCBB: CBZFF) ("Carbiz"), announced that CarBiz has finalized several business development initiatives that will further expand its Software and Consulting division.

Mike Downey, Business Development Manager of Carbiz, Inc., has completed a project with Tracker Marine Financial Services (TMFS), to provide online credit applications and loan approvals for "Bass Pro Shop" dealers across the United States. Brian Zumwalt (Assistant Manager of Sales & Operations) of TMFS stated "The completion of this project will significantly reduce costs and increase our efficiency in handling the loan approval process for almost 300 of our dealers. We are optimistic that these additional services will help to increase the number of dealers we work with." This project will begin processing loans in March.

Carbiz is also pleased to announce that they have completed a project that will facilitate the printing of plain paper contracts from the suite of software products that CarBiz provides their dealer clients. This product enhancement will augment new customer growth and enhance the product functionality for current software clients of CarBiz. This revenue generating product enhancement will be available in March for all CarBiz dealer clients as well as Tracker Marine Financial Services and is available for all 50 states.

CarBiz has partnered with Automotive Industry Center for Excellence, LLC (AICE) and Florida Independent Automobile Dealer Association (FIADA) to together provide continuing education classes to automotive dealers across the State of Florida. These classes will include education in "Buy-Here Pay-Here" compliance as well as topics on how to be an effective "Buy-Here Pay-Here" dealer. This incremental revenue partnership will further enhance the training and consulting groups performance in this fiscal year.

In an effort to assist dealers in purchasing CarBiz products, Carbiz has recently partnered with Allstate Capital who provides financing to automotive dealers for their automotive equipment needs. Dealers who wish to finance the license fees software and consulting products now have that option.

About TMFS

TMFS originated in 1986 as a way to assist the flagship Bass Pro Shops store in Springfield, Missouri, with the finance and insurance needs of their retail boat customers. Since inception, TMFS has developed many strong lender relationships to enable more approvals and now has a full spectrum of loan products available to satisfy the needs of any customer. TMFS has evolved into a very successful operation that now services the finance and insurance needs of over 280 Tracker Marine Group dealerships across the United States.

About AICE

The Automotive Industry Center for Excellence, LLC (AICE) was formed by S. Allen Monello, D.P.A. and Larry Peters in December of 2004 to provide management services, training and development and consulting services. These services are provided to motor vehicle and recreational vehicle dealers, dealer trade associations, finance companies, government agencies and allied motor vehicle industry businesses. Both Monello and Peters have served as appointed regulators for the State of Florida and also provide management and training services to the Florida Independent Automobile Dealers Association. Monello and Peters have over 50 years of combined experience serving the motor vehicle industry. Their consulting clients include franchise dealers, independent dealers, recreational vehicle dealers, finance companies and government agencies.

About FIADA

FIADA is the oldest and one of the largest Independent Automobile Dealer Associations in the country and is dedicated to offering its members special privileges and benefits. FIADA aims to unify all independent dealers and allied partners as members and provide them with benefits through education, support and communication. FIADA promotes the best business practices, and sets a standard of excellence for the motor vehicle industry.

About Allstate Capital

Allstate Capital was formed in 2001 as part of a "spin off" from Fidelity National Financial. The core team at Allstate Capital has over 75 years of combined leasing industry experience. Allstate Capital is one of the Nations leading leasing companies and has been noted as one of the most technologically advanced leasing companies in the United States. Their infrastructure allows a 95% paperless office with digital imaging, e-mailed documents, VoIP deployment for remote branches, and the most sophisticated proprietary CRM solution in the industry. In the 3rd quarter of 2007, Allstate Capital will be breaking new ground by delivering powerful tools to vendors to better manage their leasing business. Allstate Capitals focus is on transactions from $1,000 to $5,000,000, but can go "up ticket" on a transactional basis. Virtually any types of equipment or industries are not a problem. Applications are accepted from U.S. business in all 50 states.

About Carbiz

Based in Sarasota, Florida, Carbiz is 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. Carbiz also operates "buy-here pay-here" dealerships in Florida through its Carbiz Auto Credit division that are wholly-owned or joint venture companies. 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 Carbiz seeks to expand its operations in Florida in the future. 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, 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.

Contact Information


  • Media Contact:
    Jennifer Downey
    Software Operations Manager
    CarBiz Inc.
    (941) 952-9255 ext. 1203

    Company Contact:
    Carl Ritter
    Chief Executive Officer
    Carbiz Inc.
    (941) 952-9255 ext. 1014