CarBiz Inc. Releases First-Quarter Earnings

SARASOTA, FLORIDA, Jun 16 (MARKET WIRE) --
CarBiz Inc. (OTCBB: CBZFF) delivered first-quarter earnings in the amount
of $27,271,062. This figure is based primarily on the company's new
lender, Dealer Services Corporation, forgiving approximately $31.3
million in debt.

CarBiz CEO Carl Ritter stated that this substantial financial gain places
CarBiz in a positive position for the upcoming fiscal year, further
strengthening its resources to provide exceptional training and services
to its clients.

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Three months ended Three months ended
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April 30, 2009 April 30, 2008
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TOTAL REVENUE $ 8,515,374 $ 8,923,272
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TOTAL COST OF SALES 4,867,778 4,799,693
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GROSS PROFIT 3,647,596 4,123,579
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TOTAL OPERATING EXPENSE 3,850,889 4,226,206
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OPERATING INCOME (LOSS) $ (203,293) $ (102,627)
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INTEREST AND OTHER EXPENSES $ (961,832) $ (1,906,421)
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GAIN (LOSS) ON DERIVATIVE INSTRUMENTS (4,763,100) 2,034,358
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GAIN ON EXTINGUISHMENT OF DEBT 33,199,287 -
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NET PROFIT(LOSS) FOR THE PERIOD $ 27,271,062 $ 25,310
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As at April 30, As at January 31,
2009 2009
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ASSETS
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Cash and cash equivalents $ 782,833 $ 674,624
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Notes Receivable, Net 7,438,808 20,030,047
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Net investment in leases 11,809,049
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Inventory 5,789,802 2,923,696
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Fixed Assets 624,722 596,415
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Other Assets 552,974 958,243
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TOTAL ASSETS $ 26,998,188 $ 25,183,025
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LIABILITIES
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Accounts Payable $ 4,001,483 $ 4,527,041
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Notes Payable 17,419,342 41,492,765
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Capital Leases 1,327 2,620
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Convertible debentures 347,516 2,110,443
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Drivative Liabilities 10,255,638 11,796,217
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Other Liabilities 81,661 1,985
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TOTAL LIABILITIES $ 32,106,967 $ 59,931,071
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STOCKHOLDER'S DEFICIT
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COMMON SHARES $ 20,818,928 $ 19,364,233
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ADDITIONAL PAID-IN CAPITAL 7,702,447 6,788,937
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OTHER COMPREHENSIVE LOSS (385,197) (385,197)
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ACCUMULATED DEFICIT (33,244,957) (60,516,019)
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TOTAL EQUITY $ (5,108,779) $ (34,748,046)
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TOTAL LIABILITES AND EQUITY $ 26,998,188 $ 25,183,025
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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.
Recently, CarBiz implemented a Lease-Here Pay-Here service to help
dealerships expand their product portfolios.

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-K, 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.

Contacts:
CarBiz Inc.
Deanna Measel
Executive Assistant
Direct: 800-547-2277 ext. 1110
(941) 953-3580 (FAX)
Email: dmeasel@carbiz.com
Website: www.CarBiz.com

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