Carbiz Inc.
OTC Bulletin Board : CBZFF

Carbiz Inc.

March 02, 2009 09:30 ET

CarBiz Reinvents Buy Here-Pay Here Financing Again-Through New Partnership With DSC

SARASOTA, FLORIDA--(Marketwire - March 2, 2009) - CarBiz Inc. (OTCBB:CBZFF) announced that it has chosen the National Alliance of Buy here-Pay here Dealers Conference in Las Vegas on May 12-14 to launch a new program that provides dealers access to $100,000,000 in new capital.

BHPH innovators CarBiz and Dealer Services Corporation have teamed up to offer $100 million in new capital in a program that is clearly a "win-win" for BHPH dealers and the consumers they serve. This new Lease Here-Pay Here program is designed to give BHPH dealers unprecedented access to capital, while providing a new lending program for special finance dealers and new car dealers as well. Details of the program will be presented at its national rollout, at NABD 2009, May 12-14, in Las Vegas.

Ken Shilson, NABD Conference Chairman commented, "I am very excited to see this new capital being offered to the BHPH industry. Recipients can use it to capitalize on some exceptional new profit opportunities. In addition, leasing offers some important tax advantages for operators. I encourage everyone to attend NABD 2009 and learn more about this exciting new financing!" Shilson said.

About CarBiz Inc.

Headquartered in Sarasota, Florida, USA, CarBiz, Inc. owns and operates the nation's fourth-largest chain of "buy here-pay here" and "lease here-pay here" automobile dealerships through its CarBiz Auto Credit division. CarBiz Consulting is a leading provider of training, collections and other vital services, including Performance Groups, to help auto dealers throughout the U.S. maximize profitability. CarBiz stock is traded on the U.S. OTCBB under the symbol CBZFF.OB.

For more information about CarBiz and its services, visit www.CarBiz.com.

About Dealer Services Corporation

Dealer Services Corporation is dedicated to providing quality products and services. Our commitment to serve our customers is so great that SERVICE is our middle name.

We have combined decades of management expertise with state of the art technology to provide the best lending experience in the industry. Dealers are saying that the DSC floorplan product is competitive, flexible, and satisfies their financing needs.

It's time to... DISCOVER DSC!

About the National Alliance of Buy-here Pay-here Dealers

The National Alliance of Buy Here-Pay Here Dealers (NABD) is the nation's largest used car special interest group with more than 10,000 members. Its 11th annual national conference (NABD 2009) will be held on May 12-14, 2009 at the Las Vegas Hilton. For more information or to register visit www.bhphinfo.com or call 713-290-8171.

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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any of our future results or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to the following: (i) whether we are successful in implementing our business strategy; (ii) our ability to increase revenues in the future and to continue as a going concern; (iii) our ability to obtain additional financing on terms favorable to us, if at all, if our operating revenues fail to increase; (iv) our ability to attract and retain key personnel; (v) the impact on the market price of our common shares of the concentration of common share ownership by our directors, officers and greater than 5% shareholders, which may delay, deter or prevent actions that would result in a change of control; (vi) the significant fluctuation of the market price of our common shares; (vii) costly difficulties we may face in the assimilation of the operations, technologies and products of companies that we may acquire in the future; (viii) the adequacy of our insurance coverage to cover all losses or liabilities that may be incurred in our operations; (ix) our dividend policy; (x) the impact on our financial position, liquidity and results of operations if we underestimate the default risk of sub-prime borrowers; (xi) general economic conditions; (xii) general competition; (xiii) our ability to comply with federal and state government regulations; (xiv) potential infringement by us of third parties' proprietary rights; (xv) defects in our products; (xvi) our compliance with privacy laws; (xvii) our ability to obtain adequate remedies in the event that our intellectual property rights are violated; (xviii) our ability to develop and market on a timely and cost-effective basis new products that meet changing market conditions, and (xix) the risk factors identified in our most recent Annual Report on Form 10-KSB, including factors identified under the headings "Description of Business," "Risk Factors" and "Management's Discussion and Analysis or Plan of Operation."

Although we believe that expectations reflected in these forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or other future events. Moreover, neither we nor anyone else assumes responsibility for the accuracy and completeness of these forward-looking statements. We are under no duty to update any of these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Contact Information

  • CarBiz Inc.
    Deanna Measel
    Investor Relations
    1-800-547-2277 ext. 1110
    Website: www.carbiz.com