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CarBiz Inc.: CarBiz Inc. Partners With Dealer Services Corporation to Make Available $100 Million in Capital for New Leasing Pr

^{Published on 2009-05-13 06:45:02, Last Modified on 2009-05-13 06:46:34 - Market Wire}
 

SARASOTA, FLORIDA--(Marketwire - May 13, 2009) - In partnership with Dealer Services Corporation (DSC), CarBiz Inc. (OTCBB:CBZFF) announced today the availability of $100 million in capital for car dealerships in a new leasing program.

Known as the CarBiz and DSC - Leasing Advantage Solution for Success (CLASS), the alliance combines DSC's access to capital with CarBiz's industry expertise in operating and training Buy Here-Pay Here dealerships. CarBiz will provide the collections and training for participating dealers while DSC will make available up to $500,000 in credit for 200 qualifying dealers to create a separate leasing company.

According to John Fuller, President of DSC, "In my opinion, (CarBiz's) training unit is the finest in the country. I tell people, if you want to develop a viable, enduring, profitable operation, talk to CarBiz." CarBiz CEO Carl Ritter emphasized that DSC's financial strength and CarBiz's management and training power will provide dealers with an exciting opportunity to expand their services and create a new source of cash flow.

Retail automobile consultant and industry expert Greg Goebel praised the advantages of the CLASS program, stating that it "will allow dealers to build their own (leasing) portfolio, which they own, but do so without having to put up the money out of their own liquidity."

Dealers will be able to implement the program on their existing premises, thus excluding the need to invest in a stand-alone operation. In addition, dealers will not have to employ extra personnel; CarBiz will handle all collections and provide training.

A limited number of applicants will be accepted. Interested parties are urged to contact Michael Downey, Vice President of Business Development at CarBiz, or apply online at [ http://carbiz.com ]. The program is offered on a first-come, first-served basis and is open to the first 200 qualifying dealers in 2009.

About CarBiz Inc.

Leveraging two decades of industry experience, CarBiz operates 25 Buy-Here Pay-Here (BHPH) credit centers throughout the United States. The company also provides training, consulting, performance groups and management services for dealers seeking to improve their BHPH programs. For more information about CarBiz and its services, visit [ http://www.CarBiz.com ].

About Dealer Services Corporation

Offering thoroughly tested and profitable products, DSC specializes in providing dealers with exceptional access to capital. DSC's attention to customer needs has helped dozens of dealers become profitable and successful. Details are provided at [ http://discoverdsc.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.