Carbiz Inc.
OTC Bulletin Board : CBZFF

Carbiz Inc.

June 17, 2008 09:00 ET

CarBiz to Highlight Future Growth Strategies at Upcoming AGM

SARASOTA, FLORIDA--(Marketwire - June 17, 2008) - CarBiz Inc. (OTCBB:CBZFF), the fourth largest buy-here pay-here car dealership chain in the United States and the second largest publicly traded buy-here pay-here company will discuss its future growth strategies at its upcoming annual general meeting this week. The Company's AGM will be held Thursday, June 19 in Sarasota, Florida.

Along with the election of directors of the Company for the upcoming year and the presentation of year end financial statements by senior management, senior management also will outline its goals for the Company for fiscal 2009. Those items will include expanding its Tier 2 program, upgrading its facilities, and reducing its debt.

After a successful pilot project, CarBiz anticipates expanding its Tier 2 program across all 26 stores in July. This program is expected to enhance growth for CarBiz while also increasing the ratio of Tier 2 to Tier 1 loan packages.

Upgrading store facilities will also be on the agenda. One location in Indianapolis and another in Springfield, Ohio have already been relocated to increase sales volumes. Physical store improvements are expected to continue over the next two years at most of CarBiz's locations in terms of size, staffing and capacity in order to increase revenues.

Debt reduction and cash flow improvements will also be discussed. The Company is working on a number of initiatives to improve these areas and fully expects to make announcements pertaining to these items over the summer months.

CarBiz CEO Carl Ritter said, "This will be a very exciting year ahead of us. We have a solid business plan in place and it's now time to start executing our plan. While I am proud of our accomplishments thus far I am even more determined for the months ahead. I look forward to speaking with our supporters and sharing with them our goals and vision for the future as we grow the business of CarBiz."

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 buy-here pay-here auto dealers in the United States. 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 buy-here pay-here business 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: 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. 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.

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