SARASOTA, Fla. — CarBiz reported significant growth in its second-quarter earnings report, as quarterly revenue was boosted heavily by the acquisition of several buy-here, pay-here credit centers.

More specifically, revenue for the period was $8.78 million, a $7.84 million upswing from the second quarter of 2007.

Net profit was $1.53 million, compared with a net loss of $2.71 million a year ago.

Additionally, as previously reported in SubPrime Auto Finance News, the company sold its software operation to Constellation Homebuilder Systems on July 2 for $2.5 million. Proceeds from the sale were to be used for improving cash flow and paying down debt.

CarBiz noted at the time that the software division's sale price was more than twice the amount it had contributed to the company's gross profits in 2007.

As of July 1, the consulting revenue stream now includes training products, consulting products, buy-here, pay-here performance groups, seminars, one-time dealer assistance and supply sales, officials explained.

"Business was comparable with the first quarter. The adoption of our tier-two loans across our car lots, which are loans at the $10,000 range, is going very well," explained CarBiz chairman and chief executive officer Carl Ritter.

"We can expect to see the results of the tier two adoption in the third quarter impact our top line revenue in a positive way," Ritter added.