I would like to build an advertisement video for my app similar to this one that Waze made:
Any suggestions on what software I should use?
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In my opinion, you're asking the wrong question. Which software they used is fairly irrelevant. What's more important is the skills and techniques they used. Do you have a background in graphic design or other visual arts? If not, this video is probably beyond your skill level. You might be better off hiring someone to do it for you. If money is an issue, perhaps you could find a student who would be willing to do it for either less money, or for the experience and to build their demo reel.
If you do have such a background yourself and are interested in making similar videos, you should check out any number of motion graphics applications such as Apple Motion or Adobe After Effects. It could also have been done with a 3D application such as Maya, Modo, Cinema 4D, or 3D Studio Max. If you're on a budget, you can look into Blender, which is a free 3D modeling application.