RealTime IT News

Carbiz.com Motors Along

[Toronto, CANADA] Canadian automotive retailers might be puttering along, but that hasn't stopped Carbiz.com Inc. from shifting into high gear.

The Toronto-based provider of software and Internet solutions to the North American automotive industry has announced that its sales for the third quarter period ending October 31, 2000, totaled $2,248,894 (CDN), an increase of 222 percent over the same period last year. Carbiz.com also had a cash position of $4,981,288 (CDN) at the end of the period.

In fact, the year 2000 marked a number of significant advancements for Carbiz.com. In the span of only three months, the company completed the acquisition of both Independentdealer.com and G & L Computer, expanded into the Latin American market, entered into a strategic relationship with Life Investors Insurance Company of America, announced the formation of its Latin American division, and acquired the assets of UAC and Netchoice.

In the meantime, the auto sector is posting its largest sales decline in a year - overall retail sales fell 0.9 percent to $23.3 billion (CDN) in October from $23.5 billion (CDN) in September. And according to Statistics Canada, automotive retailers posted a 3.3 percent sales decrease in October after five consecutive gains that ranged from 0.5 percent to 1.9 percent.