UNITED ~~STATES~~STATESSECURITIES ~~SECURITIES~~ AND EXCHANGE COMMISSION Washington, D.C. ~~20549~~ 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): ~~September 10,~~January ~~2009~~ 18, 2010

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

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

7115, 16th Street East, Unit 105 Sarasota, Florida 34243 (Address of 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 filing obligation of the registrant 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 52.~~02.~~04 ~~Departure~~Triggering ofEvents ~~Directors~~That Accelerate or ~~Certain~~Increase ~~Officers;~~a ~~Election~~Direct ofFinancial ~~Directors;~~Obligation ~~Appointment~~ of ~~Certain~~an ~~Officers;~~Obligation ~~Compensatory~~under ~~Arrangements~~an ofOff-Balance ~~Certain~~Sheet ~~Officers~~Arrangement.

OnDefault ~~September~~and ~~10,~~Acceleration ~~2009, Carbiz Inc. (the “Company”) issued a press release announcing that Paul R. Whitley has been appointed as Chief Operating Officer~~ of ~~the~~DSC ~~Company. Mr. Whitley’s appointment was effective on September 1, 2009.~~ Indebtedness

~~Mr.~~On ~~Whitley~~January 18, 612010, ~~has~~Carbiz ~~served~~Inc. ~~as Director of Finance for~~ (the ~~Company~~ ~~since joining the~~ “Company”) inreceived ~~January 2009. He served as Senior Vice~~a ~~President~~letter offrom ~~BRG~~Dealer Services, aCorporation ~~hedge fund~~(“DSC”), ~~from~~one ~~June~~of ~~2006~~its totwo ~~December~~senior ~~2008~~lenders, ~~where~~ heinforming ~~was~~it ~~responsible~~that ~~for~~DSC ~~sourcing~~was ~~asset~~declaring ~~based~~a ~~lending~~default ~~products,~~under ~~underwriting~~ the ~~same~~ ~~and~~Fourth ~~managing~~Amended ~~the~~and Restated ~~resulting~~Loan ~~portfolio.~~and ~~From~~Security ~~May~~Agreement, ~~2005~~dated toFebruary ~~June~~25, ~~2006~~2009, heamong ~~served~~DSC, the asCompany ~~Executive~~and ~~Vice~~its ~~President~~operating ofsubsidiaries, ~~Centrix~~and ~~Financial~~accelerating ~~Services,~~the anindebtedness ~~automotive finance~~due ~~company.~~thereunder, ~~From~~which ~~June~~amount, ~~2001~~according to ~~May~~the ~~2005~~letter, heis ~~served~~a assum ~~Business~~not ~~Development~~less ~~Officer~~than ~~for CapitalSource Finance~~$16,426,810 aas ~~commercial~~of ~~lending~~such ~~institution~~date.

As ~~Chief~~previously ~~Operating Officer~~reported, ~~Mr.~~in ~~Whitley~~August ~~will~~2009, bethe ~~paid~~Company anwas ~~annual~~unable ~~salary~~to ofmake ~~$140,000,~~its ~~with~~monthly acurtailment ~~quarterly~~payment ~~bonus~~due ~~equal~~under tothe 2%DSC ofloan ~~the~~agreement. The Company’s ~~net income~~negotiated ~~(up~~a deferral of that payment to DSC by agreement to a ~~maximum~~deferral fee of approximately $10350,000, ~~million~~or ofabout ~~net~~$100 ~~income~~per incar ~~any~~securitizing ~~year)~~the asterm ~~reported in~~loan. ~~its~~Subsequent ~~financial~~to ~~statements~~that agreement, ~~minus~~DSC ~~any~~ceased ~~derivative~~funding ~~liability~~new ~~impact.~~inventory Ifunder the agreement. This cessation prevented the Company’s ~~net~~from ~~income~~replacing ~~exceeds~~sold ~~$10~~vehicles ~~million~~and has inhad ~~any~~a ~~year,~~severe adverse effect on the ~~Board~~Company’s ~~must~~sales, ~~approve~~portfolio ~~the~~growth and ~~amount~~cash flow. As a further result of the ~~quarterly~~reduction ~~bonus.~~of ~~Mr.~~the ~~Whitley~~Company’s issales ~~also~~and ~~entitled~~cash flow, the Company was forced to negotiate a ~~car~~deferral ~~allowance~~ of ~~$1,200~~two ~~per~~additional ~~month,~~monthly curtailment ~~and~~payments to ~~participate~~DSC in ~~the~~September ~~Company’s~~and ~~standard~~October ~~insurance~~2009. The cost of each ~~benefit~~monthly ~~package~~deferral was approximately $350,000. These additional charges caused the effective interest rate of the DSC debt to be approximately 40% at October 31, 2009.

~~Item~~Default ~~9.01~~and ~~Financial~~Acceleration ~~Statements~~of ~~and~~Wells ~~Exhibits~~Fargo Indebtedness

On January 21, 2010, the Company received a letter from Wells Fargo Preferred Capital, Inc. (d“Wells Fargo”), ~~Exhibits~~its other senior lender, informing it that Wells Fargo was also declaring a default under the Loan and Security Agreement, dated June 15, 2009, among Wells Fargo and the Company’s operating subsidiaries, and accelerating the indebtedness due thereunder, which amount, according to the letter, was $12,198,848 as of January 21, 2010.

99While the Company is currently negotiating with both lenders, there can be no assurance that it can reach any agreement with either of them with respect to additional funding or the use of cash collateral.1 ~~Press~~Without further ~~Release~~funding ~~dated~~from ~~September~~DSC 10and/or Wells Fargo, ~~2009~~and without the ability to use the payments on the leases and loans that secure the indebtedness to DSC and Wells which are pledged as collateral to DSC and Wells Fargo, along with all of the Company’s other assets, the Company will have no ability to make payroll or pay its other debts, and will likely be forced to file for bankruptcy in the very near future.

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.	~~CARBIZ INC.~~
Date: September 11, 2009	By:	/s/ Stanton Heintz
Date: January 22, 2010	By:	/s/ Stanton Heintz
		Stanton Heintz
		Chief Financial Officer

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