Irvine-based auto marketing company Autobytel Inc. said Friday it is laying off workers and has hired an investment bank to explore options, including a possible sale.
The company, which steers online auto shoppers to dealers, hired RBC Capital Markets to “review strategic alternatives.”
The review could include the possible sale of the company or some of assets, according to Autobytel. It also could include acquisitions or strategic partnerships.
The company also laid off 75 workers, or 35% of its workforce. The move is designed to save $10 million a year, it said.
Autobytel expects to see $2.2 million in charges for the third and fourth quarters, it said.
The company’s shares are down nearly 70% in the past year with a recent market value of $45 million.
