Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Carbiz Inc.

CARBIZ INC.
2007 INCENTIVE STOCK PLAN

NON-QUALIFIED STOCK OPTION
AGREEMENT
FOR
EMPLOYEE

	Granted
        {DATE 1}

This Non-Qualified Stock Option Agreement evidences the grant
of a Non-Qualified Stock Option (“Option”) to {NAME} (the “Participant”)
pursuant to Article VI of the Carbiz Inc. 2007 Incentive Stock Plan (the
“Plan”). This Agreement also describes the terms and conditions of the Option
evidenced by this Agreement.

	1. 	
      Grant of Options. In consideration of the services
      rendered to Carbiz Inc. (the “Company”) and/or its Subsidiaries by the
      Participant as an Employee of the Company or a Subsidiary, the Company
      hereby grants to the Participant an Option to purchase all or any part of
      a total of {NUMBER} Shares of the Company at a price of ${PRICE} per Share
      (“Option Price”). This Option is granted as of {DATE 1} (“Award Date”).
      This Option is granted pursuant to the Plan and is subject to the terms
      thereof.

	 	 	 	 
	2. 	
      Term.

	 	 	 	 
		(a) 	
      Normal Term. The term of this Option is {TERM
      YEARS} years, until {DATE 2}; provided, however, that this Option may be
      terminated earlier as provided below.

	 	 	 	 
		(b) 	
      Early Termination. This Option will terminate upon
      any of the following events:

	 	 	 	 
			(i) 	
      Death. This Option will terminate one year after
      the death of the Participant if the Participant dies while employed by the
      Company or one of its Subsidiaries.

	 	 	 	 
			(ii) 	
      Disability. This Option will terminate one year
      after the Participant’s employment with the Company or one of its
      Subsidiaries terminates on account of the Participant’s disability within
      the meaning of Section 22(e)(3) of the Code (“Disability”).

	 	 	 	 
			(iii) 	
      Retirement. This Option will terminate one year
      after the Participant’s retirement from employment with the Company or one
      of its Subsidiaries in accordance with any applicable Company policy on
      mandatory or permissive, early or normal retirement as in effect at the
      date of such retirement (“Retirement”).

	 	 	 	 
			(iv) 	
      Other Cessation of Company Service. Except as
      provided in the preceding provisions of this Paragraph 2(b), (1) this
      Option will terminate on the date the Participant’s Company Service (as
      defined in Paragraph 7) (A) ceases at the Company’s or a Subsidiary’s
      instigation for “cause,” or (B) is terminated by the Participant for any
      reason other than death, disability or retirement, and (2) this Option
      will terminate three months after the date the Participant’s Company
      Service ceases at the Company’s or a Subsidiary’s instigation for reasons
      other than for “cause.” For purposes of this paragraph “cause” shall mean
      continued neglect of duty, willful and material misconduct in connection
      with the performance of the Participant’s duties and obligations, and any
      other conduct of the Participant involving moral turpitude, commission of
      a crime or habitual drunkenness or drug abuse, that would make retention
      of the Participant in his position with his employer prejudicial to its
      best interests.

- 1 -

	3. 	
      Exercise.

	 	 	 	 
		(a) 	
      Exercisability. This Option is first exercisable,
      in whole or in part, on and after the applicable time provided
    below:

	 	 	 	 
			(i) 	
      Subject to earlier exercisability as provided in (ii)
      below, this Option shall become exercisable as follows: (1) 20% of the
      total number of Shares awarded under this Agreement shall be first
      exercisable on the first anniversary of the Award Date, (2) the second 20%
      of the total number of Shares awarded under this Agreement shall be first
      exercisable on the second anniversary of the Award Date, (3) the third 20%
      of the total number of Shares awarded under this Agreement shall be first
      exercisable on the third anniversary of the Award Date, (4) the fourth 20%
      of the total number of Shares awarded under this Agreement shall be first
      exercisable on the fourth anniversary of the Award Date, and (5) the fifth
      20% of the total number of Shares awarded under this Agreement shall be
      first exercisable on the fifth anniversary of the Award Date.

	 	 	 	 
			(ii) 	
      If a Change in Control occurs after the Award Date,
      before the expiration date of this Option and during the continuation of
      the Participant’s Company Service (as defined in Paragraph 7), this Option
      may first be exercised (to the extent not already exercisable), in whole
      or in part, after the date such Change in Control occurs.

	 	 	 	 
		(b) 	
      By Whom Exercisable. During the Participant’s
      lifetime, this Option may be exercised only by the Participant or, where
      this Option has been transferred to a family member, family trust or
      family partnership pursuant to Paragraph 5, the family member, the trustee
      of the family trust or the general partner of the family partnership. To
      the extent this Option has not been transferred to a family member, family
      trust or family partnership pursuant to Paragraph 5, if the Participant
      dies prior to the expiration date of this Option without having exercised
      this Option as to all of the Shares covered thereby for which rights have
      not been transferred, this Option may be exercised, to the extent of the
      Shares with respect to which this Option could have been exercised by the
      Participant immediately prior to his or her death, by the estate or a
      person who acquired the right to exercise this Option (or untransferred
      portion thereof) by bequest or inheritance from, or by reason of the death
      of, the Participant. To the extent this Option has been transferred to a
      family member pursuant to Paragraph 5 and the transferee family member
      dies prior to the expiration date of this Option without having exercised
      this Option as to all of the Shares covered thereby, the transferred
      portion of this Option may be exercised, to the extent of the Shares with
      respect to which this Option could have been exercised by the family
      member if such family member were still living, by the estate or a person
      who acquired the right to exercise this Option by bequest or inheritance
      from, or by reason of the death of, the transferee family member. To the
      extent this Option has been transferred to a family trust or family
      partnership pursuant to Paragraph 5 and the family trust or family
      partnership has terminated or otherwise distributed this Option to its
      beneficiaries or partners prior to the expiration date of this Option
      without having exercised this Option as to all of the Shares covered
      thereby, the transferred portion of this Option may be exercised, to the
      extent of the Shares with respect to which this Option could have been
      exercised by the trustee of the family trust or general partner of the
      family partnership if the family trust or family partnership were still in
      existence, by the person who acquired the right to exercise this Option by
      distribution from the family trust or partnership.

	 	 	 	 
		(c) 	
      Exercise. This Option shall be exercised by
      delivery on any business day to the Company of a Notice of Exercise in the
      form attached to this Agreement accompanied by payment of the Option Price
      as provided in Paragraph 4 and payment in full, to the extent required by
      Paragraph 12, of the amount of any tax the Company is required to withhold
      as a result of such exercise.

	 	 	 	 
	4. 	
      Payment of Option Price. The Option Price will be
      payable in full upon exercise of this Option to purchase Shares, and such
      Option Price must be paid in cash or certified check or wire transfer or
      by a combination of the foregoing.

- 2 -

	5. 	
      Transferability. This Option may not be
      transferred by the Participant except by will or by the laws of descent
      and distribution or by a transfer, in whole or in part, without
      consideration by gift to a member or members of the Participant’s
      “immediate family,” as such term is defined under Exchange Act Rule
      16a-l(e), or to a trust for the benefit solely of a member or members of
      the Participant’s immediate family, or to a partnership or other entity
      whose only owners are members of the Participant’s family. For purposes
      hereof, “family member” means any child, stepchild, grandchild, parent,
      stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
      mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
      or sister-in-law, including adoptive relationships, any person sharing the
      Participant’s household (other than a tenant or employee) or a trust in
      which these persons have more than fifty percent of the beneficial
      interest. No transfer of this Option in whole or in part by gift to a
      family member shall be effective until the Company receives written notice
      of such transfer in a form acceptable to it. The attached Transfer by Gift
      to Family Member, Trust or Partnership form may be used to effect such a
      transfer by gift and the delivery of a completed copy of such form to the
      Company shall constitute notice to the Company.

	 	 	 
	6. 	
      Forfeiture. This Option shall be forfeited to the
      extent it is not exercisable at the time of the Participant’s cessation of
      Company Service (as defined in Paragraph 7).

	 	 	 
	7. 	
      Company Service.

	 	 	 
		(a) 	
      For purposes hereof, “Company Service” means service as
      an Employee and includes subsequent service as a member of the Board of
      Directors of the Company or a Subsidiary, if any, as provided in this
      paragraph. Notwithstanding any contrary provision or implication herein,
      in determining cessation of Company Service for purposes hereof, transfers
      between the Company and/or any Subsidiary shall be disregarded and shall
      not be considered a cessation of Company Service, and changes in status
      between that of an Employee and a Non-Employee Director shall be
      disregarded and shall not be considered a cessation of Company
    Service.

	 	 	 
		(b) 	
      Nothing under the Plan or in this Agreement shall confer
      upon the Participant any right to continue Company Service or in any way
      affect any right of the Company to terminate the Participant’s Company
      Service without prior notice at any time for any or no reason.

	 	 	 
	8. 	
      Compliance with Securities Laws. The Company
      covenants that it will file and attempt to maintain an effective
      registration statement with the United States Securities and Exchange
      Commission covering the Shares of the Company, which are the subject of
      and may be issued pursuant to this Agreement, at all times during which
      this Option is exercisable and there is no applicable exemption from
      registration of such Shares; provided, however, that this Option shall not
      be exercisable for Shares at any time if its exercise would cause the
      Company to be in violation of any applicable provisions of the United
      States federal or state securities law.

	 	 	 
	9. 	
      Administration of Plan. The Plan is administered
      by a Committee appointed by the Board of Directors. The Committee has the
      authority to construe and interpret the Plan, to make rules of general
      application relating to the Plan, to amend outstanding options, and to
      require of any person exercising this Option, at the time of such
      exercise, the execution of any paper or the making of any representation
      or the giving of any commitment that the Committee shall, in its
      discretion, deem necessary or advisable by reason of the securities laws
      of the United States or any state, or the execution of any paper or the
      payment of any sum of money in respect of taxes or the undertaking to pay
      or have paid any such sum that the Committee shall, in its discretion,
      deem necessary by reason of the Code or any rule or regulation thereunder
      or by reason of the tax laws of any state. All such Committee
      determinations shall be final, conclusive, and binding upon the Company
      and the Participant.

	 	 	 
	10. 	
      Capital Adjustments. The number of Shares covered
      by this Option, and the Option Price thereof, will be subject to an
      appropriate and equitable adjustment, as determined by the Committee, to
      reflect any share dividend, share split or share combination, and will be
      subject to such adjustment as the Committee may deem appropriate to
      reflect any exchange of shares, recapitalization, merger, consolidation,
      separation, reorganization, liquidation or the like, of or by the
      Company.

- 3 -

	
11. 		
Rights as a Shareholder. The Participant, or a transferee of this Option, shall have no rights as a shareholder with respect to any Shares subject to this Option until the date of the exercise of this Option for such
Shares. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights for which the record date is prior to the date of such exercise, except as provided in
Paragraph 10 hereof.

	
	 	 
	
12. 		
Withholding Taxes. The Company, or one of its Subsidiaries, shall have the right to withhold any federal, state or local taxes or any other applicable taxes required to be withheld by law with respect to the exercise of
this Option. The Participant will be required to pay the Company, as appropriate, the amount of any such taxes which the Company, or one of its Subsidiaries, is required to withhold. In lieu thereof, the Company shall have the right to withhold from
any other cash amounts due to or to become due from the Company to the Participant an amount equal to such taxes required to be withheld by the Company to reimburse the Company for any such taxes; or to retain and withhold a number of Shares having
a Fair Market Value on the date of exercise not less than the amount of such taxes, and cancel any such Shares so withheld, in order to reimburse the Company for any such taxes.

	
	 	 
	
13. 		
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Florida.

	
	 	 
	
14. 		
Successors. This Agreement shall be binding upon and inure to the benefit of the successors, assigns, heirs, and legal representatives of the respective parties.

	
	 	 
	
15. 		
Prohibition Against Pledge, Attachment, etc. Except as otherwise provided herein, this Option, and the rights and privileges conferred hereby, shall not be transferred, assigned, pledged or hypothecated in any way and shall
not be subject to execution, attachment or similar process.

	
	 	 
	
16. 		
Not Intended to be an Incentive Stock Option. This Option is not intended to qualify as an incentive stock option within the meaning of Section 422(b) of the Code, and the provisions hereof shall be construed consistent
with that intent.

	
	 	 
	
17. 		
Capitalized Terms. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides, or the context requires, otherwise.

	

 To evidence their agreement to the terms and conditions of
  this Option, the Company and the Participant have signed this Agreement as of
  the date first above written.

	CARBIZ INC.: 	By: _______________________________________________
	 	 
	  	Its: _______________________________________________
	  	  
	PARTICIPANT: 	  
	  	{NAME} 

 - 4 -

NOTICE OF EXERCISE

Carbiz Inc.
[ADDRESS]

I hereby exercise my Option pursuant to that certain
Non-Qualified Stock Option Agreement dated {DATE 1} (the “Stock Option
Agreement”) awarded under the Carbiz Inc. 2007 Incentive Stock Plan (the
“Plan”), subject to all of the terms and conditions of the said Stock Option
Agreement and the Plan referred to therein, and hereby notify you of my election
to purchase the following stated number of Shares of Carbiz Inc., an Ontario,
Canada corporation (the “Company”), from the award therein as indicated below at
the following stated Option Price per Share.

	Number of Shares - 
	Option Price per Share - $
      
	Total Option Price - $ 

If this Notice of Exercise involves fewer than all of the
Shares that are subject to option under the said Stock Option Agreement, I
retain the right to exercise my option for the balance of the Shares remaining
subject to option, all in accordance with the terms of the said Stock Option
Agreement.

I agree to provide the Company with such other documents and
representations as it deems appropriate in connection with this option
exercise.

Payment of Exercise Price. This Notice of Exercise is
accompanied by cash, a certified check or confirmation of a wire transfer in the
amount of $_____________. 

Tax Withholding. Subject to any satisfaction of tax
withholding pursuant to the next paragraph, I hereby authorize the Company (and
any of its Subsidiaries) to withhold from my Board compensation or any other pay
from the Company (and any of its Subsidiaries) the applicable minimum amount of
any taxes required by law and the said Stock Option Agreement to be withheld as
a result of this exercise, to the extent not satisfied by the attached check in
the amount of $_____________.

[ ] [Check only if desired] I request that the Company withhold
from the Shares otherwise to be issued to me in connection with this exercise a
sufficient number of Shares having a value (based on the Shares’ Fair Market
Value on the date of exercise) needed to satisfy the payment of [ ] all or [ ]
$________of the applicable minimum amount of any taxes required by law and the
said Stock Option Agreement to be withheld as a result of this exercise.

My current address and my Social Security Number are as
follows:

Address: _________________________________________________________________

________________________________________________________________________

Social Security Number: ________________________________________

	Date: 	 	 
	                                                                                                                                                               	 	 {NAME} 

TRANSFER BY GIFT TO FAMILY MEMBER, TRUST OR
PARTNERSHIP

I, __________________________________________________(name),
hereby transfer without consideration by gift to the following named family
member, family trust or family partnership all of my right, title and interest
with respect to (check one and complete) [ ] all or [ ]
___________________(enter number of Shares) Shares of Carbiz Inc. granted to me
pursuant to a Stock Option Agreement dated {DATE 1}. 

Name, Address and Social Security Number (or Employer
Identification Number) of Family Member, Family Trust or Family Partnership
Transferee:

Name, Address and Social Security Number
  

  (or Employer Identification Number) 

  of Family Member, Family Trust or Family Partnership Transferee:

Name - ____________________________________________________________________________________________________________________

Address - __________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

SSN or EIN -___________________

I certify that the transferee is a “family member,”
  “family trust” or “family partnership” as described in the
  aforesaid Stock Option Agreement by reason of the following relationship to
  me:

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

If this transfer is to a family trust or family partnership,
  I have attached a copy of the applicable family trust agreement, as amended,
  or family partnership agreement, as amended; and I agree to promptly provide
  Carbiz Inc. with any and all future amendments to such agreement once made.

I also agree to provide Carbiz Inc. with such other documents
and representations as it deems appropriate, pursuant to the Option and the
Plan.

	______________________________	 
	(Date) 	(Signature) 
	 	 
	  	(Print Name of Participant) 
	 	 
	  	(Social Security Number) 

- 2 -Filed by Automated Filing Services Inc. (604) 609-0244 - Carbiz Inc.

CARBIZ INC.
2007 INCENTIVE STOCK PLAN

NON-QUALIFIED STOCK OPTION
AGREEMENT
FOR
NON-EMPLOYEE DIRECTOR

	Granted
        {DATE 1}

This Non-Qualified Stock Option Agreement evidences the grant
of a Non-Qualified Stock Option (“Option”) to {NAME} (the “Participant”)
pursuant to Article VI of the Carbiz Inc. 2007 Incentive Stock Plan (the
“Plan”). This Agreement also describes the terms and conditions of the Option
evidenced by this Agreement.

	1. 	
      Grant of Options. In consideration of the services
      rendered to Carbiz Inc. (the “Company”) and/or its Subsidiaries by the
      Participant as a member of the Board of Directors of the Company or a
      Subsidiary, the Company hereby grants to the Participant an Option to
      purchase all or any part of a total of {NUMBER} Shares of the Company at a
      price of ${PRICE} per Share (“Option Price”). This Option is granted as of
      {DATE 1} (“Award Date”). This Option is granted pursuant to the Plan and
      is subject to the terms thereof.

	2. 	
      Term.

	 	 	 
		(a) 	
      Normal Term. The term of this Option is {TERM
      YEARS} years, until {DATE 2}; provided, however, that this Option may be
      terminated earlier as provided below.

	 	 	 
		(b) 	
      Early Termination. This Option will terminate on
      the date the Participant’s Board Service (as defined in Paragraph 7)
      ceases; provided, however, that, to the extent this Option is exercisable
      or becomes exercisable upon cessation of the Participant’s Board Service,
      this Option will remain exercisable until {DATE
2}.

	3. 	
      Exercise.

	 	 	 	 
		(a) 	
      Exercisability. This Option is first exercisable,
      in whole or in part, on and after the applicable time provided
    below:

	 	 	 	 
			(i) 	
      Subject to earlier exercisability as provided in (ii) or
      (iii) below, this Option shall become exercisable as follows: (1) 20% of
      the total number of Shares awarded under this Agreement shall be first
      exercisable on the first anniversary of the Award Date, (2) the second 20%
      of the total number of Shares awarded under this Agreement shall be first
      exercisable on the second anniversary of the Award Date, (3) the third 20%
      of the total number of Shares awarded under this Agreement shall be first
      exercisable on the third anniversary of the Award Date, (4) the fourth 20%
      of the total number of Shares awarded under this Agreement shall be first
      exercisable on the fourth anniversary of the Award Date, and (5) the fifth
      20% of the total number of Shares awarded under this Agreement shall be
      first exercisable on the fifth anniversary of the Award Date.

	 	 	 	 
			(ii) 	
      If a Change in Control occurs after the Award Date,
      before the expiration date of this Option and during the continuation of
      the Participant’s Board Service (as defined in Paragraph 7), this Option
      may first be exercised (to the extent not already exercisable), in whole
      or in part, after the date such Change in Control occurs.

	 	 	 	 
			(iii) 	
      If the Participant’s Board Service (as defined in
      Paragraph 7) ceases as a result of the Participant’s retirement from Board
      Service in accordance with any applicable Company policy on mandatory or
      permissive, early or normal retirement as in effect at the date of such
      retirement,

- 1 -

death, or total and permanent
disability (within the meaning of Section 22(e)(3) of the Code), this Option may
first be exercised (to the extent not already exercisable), in whole or in part,
on the date of such cessation of the Participant’s Board Service (as defined in
Paragraph 7).

	 	(b) 	
      By Whom Exercisable. During the Participant’s
      lifetime, this Option may be exercised only by the Participant or, where
      this Option has been transferred to a family member, family trust, or
      family partnership pursuant to Paragraph 5, the family member, the trustee
      of the family trust, or the general partner of the family partnership. To
      the extent this Option has not been transferred to a family member, family
      trust, or family partnership pursuant to Paragraph 5, if the Participant
      dies prior to the expiration date of this Option without having exercised
      this Option as to all of the Shares covered thereby for which rights have
      not been transferred, this Option may be exercised, to the extent of the
      Shares with respect to which this Option could have been exercised by the
      Participant immediately prior to his or her death, by the estate or a
      person who acquired the right to exercise this Option (or untransferred
      portion thereof) by bequest or inheritance from, or by reason of the death
      of, the Participant. To the extent this Option has been transferred to a
      family member pursuant to Paragraph 5 and the transferee family member
      dies prior to the expiration date of this Option without having exercised
      this Option as to all of the Shares covered thereby, the transferred
      portion of this Option may be exercised, to the extent of the Shares with
      respect to which this Option could have been exercised by the family
      member if such family member were still living, by the estate or a person
      who acquired the right to exercise this Option by bequest or inheritance
      from, or by reason of the death of, the transferee family member. To the
      extent this Option has been transferred to a family trust or family
      partnership pursuant to Paragraph 5 and the family trust or family
      partnership has terminated or otherwise distributed this Option to its
      beneficiaries or partners prior to the expiration date of this Option
      without having exercised this Option as to all of the Shares covered
      thereby, the transferred portion of this Option may be exercised, to the
      extent of the Shares with respect to which this Option could have been
      exercised by the trustee of the family trust or general partner of the
      family partnership if the family trust or family partnership were still in
      existence, by the person who acquired the right to exercise this Option by
      distribution from the family trust or partnership.

	 	 	 
	 	(c) 	
      Exercise. This Option shall be exercised by
      delivery on any business day to the Company of a Notice of Exercise in the
      form attached to this Agreement accompanied by payment of the Option Price
      as provided in Paragraph 4 and payment in full, to the extent required by
      Paragraph 12, of the amount of any tax the Company is required to withhold
      as a result of such exercise.

	4. 	
      Payment of Option Price. The Option Price will be
      payable in full upon exercise of this Option to purchase Shares, and such
      Option Price must be paid in cash or certified check or wire transfer or
      by a combination of the foregoing.

	 	 
	5. 	
      Transferability. This Option may not be
      transferred by the Participant except by will or by the laws of descent
      and distribution or by a transfer, in whole or in part, without
      consideration by gift to a member or members of the Participant’s
      “immediate family,” as such term is defined under Exchange Act Rule
      16a-l(e), or to a trust for the benefit solely of a member or members of
      the Participant’s immediate family, or to a partnership or other entity
      whose only owners are members of the Participant’s family. For purposes
      hereof, “family member” means any child, stepchild, grandchild, parent,
      stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
      mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
      or sister-in-law, including adoptive relationships, any person sharing the
      Participant’s household (other than a tenant or employee), or a trust in
      which these persons have more than fifty percent of the beneficial
      interest. No transfer of this Option in whole or in part by gift to a
      family member shall be effective until the Company receives written notice
      of such transfer in a form acceptable to it. The attached Transfer by Gift
      to Family Member, Trust, or Partnership form may be used to effect such a
      transfer by gift, and the delivery of a completed copy of such form to the
      Company shall constitute notice to the Company.

	 	 
	6. 	
      Forfeiture. This Option shall be forfeited if it
      is not exercisable at the time of the Participant’s cessation of Board
      Service (as defined in Paragraph 7) if such cessation occurs for any
      reason other than Participant’s retirement

- 2 -

		
      from Board Service in accordance with any applicable
      Company policy on mandatory or permissive retirement, death, or total and
      permanent disability (within the meaning of Section 22(e)(3) of the
      Code).

	 	 	 
	7. 	
      Board Service.

	 	 	 
		(a) 	
      For purposes hereof, “Board Service” means membership on
      the Board of Directors of the Company or a Subsidiary and includes
      subsequent service as an Employee, if any, as provided in this paragraph.
      Notwithstanding any contrary provision or implication herein, in
      determining cessation of Board Service for purposes hereof, transfers
      between the Boards of Directors of the Company and/or any Subsidiary shall
      be disregarded and shall not be considered a cessation of Board Service,
      and changes in status between that of an Employee and a Non-Employee
      Director shall be disregarded and shall not be considered a cessation of
      Board Service.

	 	 	 
		(b) 	
      Nothing under the Plan or in this Agreement shall confer
      upon the Participant any right to continue Board Service or in any way
      affect any right of the Company to terminate the Participant’s Board
      Service without prior notice at any time for any or no reason.

	 	 	 
	8. 	
      Compliance with Securities Laws. The Company
      covenants that it will file and attempt to maintain an effective
      registration statement with the United States Securities and Exchange
      Commission covering the Shares of the Company, which are the subject of
      and may be issued pursuant to this Agreement, at all times during which
      this Option is exercisable and there is no applicable exemption from
      registration of such Shares; provided, however, that this Option shall not
      be exercisable for Shares at any time if its exercise would cause the
      Company to be in violation of any applicable provisions of the United
      States federal or state securities law.

	 	 	 
	9. 	
      Administration of Plan. The Plan is administered
      by a Committee appointed by the Board of Directors. The Committee has the
      authority to construe and interpret the Plan, to make rules of general
      application relating to the Plan, to amend outstanding options, and to
      require of any person exercising this Option, at the time of such
      exercise, the execution of any paper or the making of any representation
      or the giving of any commitment that the Committee shall, in its
      discretion, deem necessary or advisable by reason of the securities laws
      of the United States or any state, or the execution of any paper or the
      payment of any sum of money in respect of taxes or the undertaking to pay
      or have paid any such sum that the Committee shall, in its discretion,
      deem necessary by reason of the Code or any rule or regulation thereunder
      or by reason of the tax laws of any state. All such Committee
      determinations shall be final, conclusive, and binding upon the Company
      and the Participant.

	 	 	 
	10. 	
      Capital Adjustments. The number of Shares covered
      by this Option, and the Option Price thereof, will be subject to an
      appropriate and equitable adjustment, as determined by the Committee, to
      reflect any share dividend, share split, or share combination, and will be
      subject to such adjustment as the Committee may deem appropriate to
      reflect any exchange of shares, recapitalization, merger, consolidation,
      separation, reorganization, liquidation, or the like, of or by the
      Company.

	 	 	 
	11. 	
      Rights as a Shareholder. The Participant, or a
      transferee of this Option, shall have no rights as a shareholder with
      respect to any Shares subject to this Option until the date of the
      exercise of this Option for such Shares. No adjustment shall be made for
      dividends (ordinary or extraordinary, whether in cash, securities, or
      other property) or distributions or other rights for which the record date
      is prior to the date of such exercise, except as provided in Paragraph 10
      hereof.

	 	 	 
	12. 	
      Withholding Taxes. The Company, or one of its
      Subsidiaries, shall have the right to withhold any federal, state, or
      local taxes or any other applicable taxes required to be withheld by law
      with respect to the exercise of this Option. The Participant will be
      required to pay the Company, as appropriate, the amount of any such taxes
      which the Company, or one of its Subsidiaries, is required to withhold. In
      lieu thereof, the Company shall have the right to withhold from any other
      cash amounts due to or to become due from the Company to the Participant
      an amount equal to such taxes required to be withheld by the Company to
      reimburse the Company for any such taxes; or to retain and withhold a
      number of Shares having a Fair Market Value on the date of exercise not
      less than the

- 3 -

		
amount of such taxes, and cancel any such Shares so withheld, in order to reimburse the Company for any such taxes.

	
	 	 
	
13. 		
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Florida.

	
	 	 
	
14. 		
Successors. This Agreement shall be binding upon and inure to the benefit of the successors, assigns, heirs, and legal representatives of the respective parties.

	
	 	 
	
15. 		
Prohibition Against Pledge, Attachment, etc. Except as otherwise provided herein, this Option, and the rights and privileges conferred hereby, shall not be transferred, assigned, pledged, or hypothecated in any way and
shall not be subject to execution, attachment, or similar process.

	
	 	 
	
16. 		
Not Intended to be an Incentive Stock Option. This Option is not intended to qualify as an incentive stock option within the meaning of Section 422(b) of the Code, and the provisions hereof shall be construed consistent
with that intent.

	
	 	 
	
17. 		
Capitalized Terms. Capitalized terms in this Agreement have the meaning assigned to them in the Plan, unless this Agreement provides, or the context requires, otherwise.

	

 To evidence their agreement to the terms and conditions of
  this Option, the Company and the Participant have signed this Agreement as of
  the date first above written.

	CARBIZ INC.: 	By: _______________________________________________
	 	 
	  	Its: _______________________________________________
	  	  
	PARTICIPANT: 	  
	  	{NAME} 

- 4 -

NOTICE OF EXERCISE

Carbiz Inc.
[ADDRESS]

I hereby exercise my Option pursuant to that certain Non-Qualified
  Stock Option Agreement dated {DATE 1} (the “Stock Option Agreement”)
  awarded under the Carbiz Inc. 2007 Incentive Stock Plan (the “Plan”),
  subject to all of the terms and conditions of the said Stock Option Agreement
  and the Plan referred to therein, and hereby notify you of my election to purchase
  the following stated number of Shares of Carbiz Inc., an Ontario, Canada corporation
  (the “Company”), from the award therein as indicated below at the
  following stated Option Price per Share.

	Number of Shares -	Option Price per Share - $	Total Option Price - $

If this Notice of Exercise involves fewer than all of the Shares
  that are subject to option under the said Stock Option Agreement, I retain the
  right to exercise my option for the balance of the Shares remaining subject
  to option, all in accordance with the terms of the said Stock Option Agreement.

I agree to provide the Company with such other documents and
representations as it deems appropriate in connection with this option
exercise.

Payment of Exercise Price. This Notice of Exercise is
accompanied by cash, a certified check or confirmation of a wire transfer in the
amount of $_____________. 

Tax Withholding. Subject to any satisfaction of tax
withholding pursuant to the next paragraph, I hereby authorize the Company (and
any of its Subsidiaries) to withhold from my Board compensation or any other pay
from the Company (and any of its Subsidiaries) the applicable minimum amount of
any taxes required by law and the said Stock Option Agreement to be withheld as
a result of this exercise, to the extent not satisfied by the attached check in
the amount of $_____________.

[ ] [Check only if desired] I request that the Company withhold
from the Shares otherwise to be issued to me in connection with this exercise a
sufficient number of Shares having a value (based on the Shares’ Fair Market
Value on the date of exercise) needed to satisfy the payment of [ ] all or [ ]
$________ of the applicable minimum amount of any taxes required by law and the
said Stock Option Agreement to be withheld as a result of this exercise.

My current address and my Social Security Number are as follows:

Address: _________________________________________________________________

________________________________________________________________________

Social Security Number: ________________________________________

	Date: 	 	 
	                                                                                                                                                               	 	 {NAME} 

TRANSFER BY GIFT TO FAMILY MEMBER, TRUST OR
PARTNERSHIP

I, __________________________________________________(name),
hereby transfer without consideration by gift to the following named family
member, family trust or family partnership all of my right, title and interest
with respect to (check one and complete) [ ] all or [ ]
___________________(enter number of Shares) Shares of Carbiz Inc. granted to me
pursuant to a Stock Option Agreement dated {DATE 1}. 

Name, Address and Social Security Number
  

  (or Employer Identification Number) 

  of Family Member, Family Trust or Family Partnership Transferee:

Name -
____________________________________________________________________________________________________________________

Address -
__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

SSN or EIN - _________________________________

I certify that the transferee is a “family member,” “family
trust” or “family partnership” as described in the aforesaid Stock Option
Agreement by reason of the following relationship to me:

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________

If this transfer is to a family trust or family partnership, I
have attached a copy of the applicable family trust agreement, as amended, or
family partnership agreement, as amended; and I agree to promptly provide Carbiz
Inc. with any and all future amendments to such agreement once made.

I also agree to provide Carbiz Inc. with such other documents
and representations as it deems appropriate, pursuant to the Option and the
Plan. 

	______________________________	 
	(Date) 	(Signature) 
	 	 
	  	(Print Name of Participant) 
	 	 
	  	(Social Security Number) 

- 2 -

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