Autobytel Founder Plans to Sell Shares

Autobytel.com Inc. founder Pete Ellis plans to sell up to 18% of his holdings in the Irvine Internet auto shopping service, according to a series of documents filed this year with federal regulators.

The company’s stock has fallen 79% from its 52-week high of $41.88, reached nearly a year ago. The stock closed Thursday at $9 a share, down $1.06 from Wednesday’s close.

Ellis, who stepped down nearly two years ago as president and chief executive, still is the company’s single largest shareholder with more than 5 million shares--a 15.3% stake in the company.