UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~June 15,~~September 10, 2009

CARBIZ INC.
(Exact name of registrant as specified in its charter)

Ontario, Canada	000-52209	None
(State or other jurisdiction	(Commission File	(IRS Employer
of	Number)	Identification No.)
incorporation)

7115, 16th Street East, Unit 105 Sarasota, Florida 34243 (Address of ~~principal~~ principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (941) 952-9255

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the ~~filingobligation~~filing obligation of the registrant ~~under~~ under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act.

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

~~Item~~ 1~~.01~~ ~~Entry into a Material Definitive Agreement. Item 3.02 Unregistered Sales of Equity Securities.~~

~~Star~~Item ~~Financial~~5.02. ~~Services~~Departure ~~Portfolio~~of ~~Acquisition~~Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On ~~June~~ 15September 10, 2009, Carbiz ~~USA~~ Inc. (~~“Carbiz USA”), a subsidiary of Carbiz Inc. (~~the “Company”), ~~entered~~issued ~~into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Star Financial Services,~~ a ~~California corporation (“Star”), The~~ ~~Brook~~press ~~Family~~release ~~Trust,~~announcing ~~which~~that isPaul ~~the principal shareholder of Star (the “Trust”), and Malcolm S~~R. ~~Brook~~Whitley ~~(“Brook”),~~has ~~who~~been isappointed ~~the~~as ~~trustee of the Trust, pursuant to~~Chief ~~which~~Operating ~~Carbiz~~Officer ~~USA purchased substantially all~~ of the ~~assets~~Company. ofMr. ~~Star,~~Whitley’s ~~which consisted~~appointment ~~primarily~~was ofeffective ~~a portfolio of consumer loans~~ on ~~used cars with an~~ ~~outstanding~~September ~~balance due of $9~~1,~~738,862~~ ~~(the “Consumer Notes”)~~2009.

~~The consideration~~Mr. ~~paid~~Whitley, by61, ~~Carbiz~~has ~~USA~~served ~~consisted~~as Director of Finance for the Company ~~assumption~~since ofjoining ~~$8,153,665~~the Company in January 2009. He served as Senior Vice ~~debt~~President ~~due~~of BRG Services, a hedge fund, from ~~Star~~June 2006 to ~~Wells~~December ~~Fargo~~2008, ~~Preferred~~where he ~~Capital~~was responsible for sourcing asset based lending products, ~~Inc~~underwriting the same and managing the resulting portfolio. From May 2005 to June 2006, ~~and~~he $2served as Executive Vice President of Centrix Financial Services,~~067,534~~ inan automotive finance ~~debt~~company. ~~due~~From ~~from~~June ~~Star~~2001 to ~~certain~~May of2005, ~~its~~he ~~subordinated~~served ~~creditors,~~as ~~including~~Business Development Officer $1for CapitalSource Finance,~~513,763~~ ~~due~~a tocommercial ~~the~~lending ~~Trust~~institution.

~~So long~~As asChief ~~Carbiz~~Operating ~~USA holds any of the Consumer Notes~~Officer, itMr. ~~shall~~Whitley will be ~~entitled~~paid toan annual ~~review~~salary ~~the collectability~~ of ~~the~~$140,000, ~~Consumer~~with ~~Notes on~~ a quarterly ~~basis~~bonus ~~beginning with~~equal ~~the quarter ending October 31, 2009, and determine whether, pursuant~~ to ~~its normal~~2% ~~charge-off policy, it should charge off in whole or in part any~~ of the ~~Consumer~~ ~~Notes.~~Company’s Innet income ~~the~~(up ~~event~~to ~~that Carbiz USA charges off any amount due under~~ a ~~Consumer~~ ~~Note~~maximum ~~or in the event that it sells one or more~~ of ~~the~~$10 ~~Consumer~~million ~~Notes at a discount to the remaining balance due under such Consumer Notes, then it shall be entitled to offset the amount~~ of ~~such~~net ~~charge-offs~~income ~~and~~in ~~discounts against~~ any ~~amount~~ ~~owed~~year) toas ~~Brook~~reported ~~under the terms of the subordinated note delivered to him~~in ~~pursuant~~its tofinancial ~~the Asset Purchase Agreement~~statements, ~~with~~minus ~~such~~any ~~offset~~derivative ~~being~~liability ~~applied against the next payment or payments due thereunder; provided however, that such charge-offs and discounts shall not exceed $1,213,762~~impact.76 inIf the ~~aggregate; and~~ ~~provided~~Company’s ~~further,~~net ~~that~~income ~~Brook~~exceeds ~~shall~~$10 bemillion ~~entitled~~in ~~to a credit against~~ any ~~such offset~~year, ~~for (a) sales tax credits that Carbiz USA receives with respect to~~ the ~~Star~~ ~~portfolio,~~Board ~~and~~must ~~(b)~~approve ~~amounts ultimately recovered or received by Carbiz USA under Consumer Notes which were previously charged off. If Star,~~ the ~~Trust or~~ ~~Brook~~amount ~~have~~of ~~any other indemnification obligations to Carbiz USA under~~ the ~~Asset Purchase~~quarterly ~~Agreement,~~bonus. ~~then~~Mr. ~~Carbiz~~Whitley ~~USA~~is ~~may~~also ~~elect~~entitled to ~~offset~~a ~~any~~car ~~such amount due to~~allowance ~~it from them against any~~ of ~~the subordinated notes delivered to the former Star subordinated creditors~~$1,200 ~~provided,~~per ~~however~~month, ~~that~~and ~~Carbiz~~to ~~USA~~participate ~~must~~in ~~first offset against~~ the ~~subordinated~~Company’s ~~note~~standard ~~delivered to Brook until there is no further~~insurance ~~amount~~benefit ~~due thereunder before it offsets against any of the subordinated notes held by the other subordinated creditors~~package.

~~In order~~Item ~~to effectuate the acquisition of the assets of Star, the Company entered into a new credit facility with Wells Fargo Preferred Capital, Inc~~9.01 ~~(“Wells Fargo”).~~Financial ~~See~~Statements ~~“New~~and Credit Facility” below. In connection with entering into such credit facility, the Company entered into an amendment to its senior credit facility with Dealer Services Corporation (“DSC”). See “Amendment of DSC Credit Facility” below. Exhibits

~~New~~(d) ~~Credit Facility~~ Exhibits

On99.1 ~~June 15,~~Press ~~2009,~~Release ~~all of the Company’s direct and indirect subsidiaries (the “Borrowers”) entered into a Loan and Security Agreement,~~ dated ~~June~~September 1510, 2009 ~~(the “WF Loan Agreement”)~~

~~with~~SIGNATURES Wells Fargo Preferred Capital, Inc. (“Wells Fargo”). Under the WF Loan Agreement, Wells Fargo committed to loan the Borrowers up to (i) $15,000,000 through and including December 31, 2009, (ii) $17,000,000 commencing January 1, 2010 through and including March 31, 2010 and (iii) $20,000,000 thereafter. The purpose of the credit facility is to finance receivables generated by the Company from the sales of used vehicles. The Borrowers may borrow up to 55% of the outstanding amount due under eligible receivables, as defined in the WF Loan Agreement, other than receivables acquired from Star. With respect to the receivables acquired from Star, they may borrow up to 95% of the amount outstanding under such receivables through the 60th day following the date of the WF Loan Agreement and 90% thereafter.

~~The WF~~ Pursuant ~~Loan Agreement is subject~~ to ~~certain~~the ~~borrowing~~requirements ~~limitations, and includes~~of ~~certain~~the ~~financial~~Securities ~~and~~Exchange ~~restrictive~~Act ~~covenants~~of 1934, ~~including but not limited to covenants requiring~~ the ~~maintenance~~registrant ofhas ~~minimum~~duly ~~EBITDA~~caused ~~and~~this ~~debt~~ report to ~~equity~~be ~~ratios. The~~signed ~~credit~~on ~~facility~~its ~~will~~behalf ~~terminate~~by onthe ~~June~~undersigned ~~30,~~thereunto ~~2011~~duly authorized.

Loans will bear interest at an annual rate equal to the three-month London Interbank Offered Rate plus 3.35% .

		CARBIZ INC.

Date: September 11, 2009	By:	/s/ Stanton Heintz
		Stanton Heintz
		Chief Financial Officer

~~An unused~~3 ~~line fee of 0.25% per annum is charged on the unused portion of the credit facility on a monthly basis, and the Company must pay Wells Fargo an administrative fee of $1,000 per month.~~

Amounts due to Wells Fargo under the WF Loan Agreement are secured by a security interest in all of the personal property of the Borrowers, and guaranteed by the Company under a Guaranty Agreement.

The Borrowers initial draw under the WF Loan Agreement was $10,303,665, $8,153,665 of which was used to pay the indebtedness of Star to WF.

Amendment of DSC Credit Facility and Issuance of Warrants to DSC

On June 15, 2009, all of the Company’s subsidiaries that are borrowers under the Fourth Amended and Restated Loan and Security Agreement with DSC, dated February 25, 2009 (the “DSC Loan Agreement”), entered into an amendment to the DSC Loan Agreement with DSC, which permits the Company’s subsidiaries to enter into the WF Loan Agreement and grant Wells Fargo a security interest in their personal property.

In order to obtain the consent of DSC to the WF Loan Agreement, DSC requested that the Company issue to DSC warrants to purchase an additional 30,781,800 shares of Company common stock at a purchase price of $0.08 per share at any time until June 15, 2014. The Company’s board of directors approved such issuance, finding that the WF Loan Agreement was necessary for the future growth of the Company. The issuance of the warrants and the underlying common stock are exempt from registration under the Securities Act of 1933 by virtue of the private placement exemption provided in Section 4(2) of such Act.

In connection with entering into the WF Loan Agreement, Wells Fargo entered into an Inter-creditor Agreement with DSC and a Subordination and Inter-creditor Agreement with Trafalgar Capital Specialized Investment Fund, Luxembourg and the Star note holders.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1	Asset Purchase Agreement, dated June 15, 2009, between Carbiz USA Inc., Star Financial Services, The Brook Family Trust and Malcolm S. Brook
Exhibit 99.2	Promissory Note dated June 15, 2009 issued to Malcolm S. Brook
Exhibit 99.3	Loan and Security Agreement, dated June 15, 2009, between the subsidiaries of Carbiz Inc. and Wells Fargo Preferred Capital, Inc.
Exhibit 99.4	Promissory Note issued to Wells Fargo Preferred Capital Inc. by the subsidiaries of Carbiz Inc. on June 15, 2009
Exhibit 99.5	Guaranty of Carbiz Inc., dated June 15, 2009, in favor of Wells Fargo Preferred Capital, Inc.
Exhibit 99.6	Amendment No. 1 to Fourth Amended and Restated Loan and Security Agreement, dated June 15, 2009, between Carbiz Inc., its operating subsidiaries, and Dealer Services Corporation
Exhibit 99.7	Warrant in favor of Dealer Services Corporation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CARBIZ INC.
Date: June 17, 2009	By:	/s/ Stanton Heintz
		Stanton Heintz
		Chief Financial Officer

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