The Carsales.com Ltd (ASX: CAR) share price is rebounding from yesterday's sell-off.
This comes despite the company announcing that its CEO has taken the opportunity to offload a portion of his shares.
At the time of writing, the auto listings company's shares are up 2.02% to $22.28.
Image source: Getty Images
Carsales CEO sells down his holdings
Investors appear unfazed by the company's latest news, sending the Carsales share price into positive territory.
According to its release, Carsales advised that its CEO Cameron McIntyre disposed 128,150 of his shares for around $2.8 million.
In addition, McIntyre received 79,600 performance rights with a zero exercise price option on 24 August. This was issued at $22.29 per right.
The nature of the change was due to "vesting of performance rights, lapsing of options and lapsing of performance rights."
Following the adjustment in holdings, McIntyre now has 725,736 direct and indirect Carsales shares including vested and unvested options.
While it is not uncommon for a CEO to sell a parcel of his shares, it has come at an opportune time for McIntyre.
Carsales shares recently hit a near year-to-date high of $23.01 on 15 August and have been trading just below ever since.
Carsales share price summary
Despite its recent gains, the Carsales share price has posted a loss of 7% over the past 12 months.
When looking at year-to-date, its shares are down 9%.
Based on today's price, Carsales commands a market capitalisation of approximately $7.66 billion with 350.85 million shares on issue.
