Chrysler Repair: 99 300M ABS: premature cycling/warning lights, tone wheel, tone wheels

Question
For the last few months I have noticed when going over bumps in the road, it sounds like my ABS kicks in even though I am not applying the breaks.  It is very slight but I hear a "errrrrr" sound and notice some hesitation in the vehicle.  Does not happen when accelerating but usually when I am coasting.  It has gotten progressively worse to the point that the ABS and Trac Off lights come on when going over bumps.  Could that be a ABS sensor issue and if so is that an easy fix?

Answer
I agree that it could be a wheel sensor issue. It would appear that you began with premature ABS cycling and have progressed to a warning situation. The following is a list of possible causes for the premature cycling:
Damaged tone wheels
Damage to wheel speed sensor mounting boss on a steering knucle
Loose wheel sensor mounting bolt
Excessive tone wheel run out (wobble from side to side)
Excessive tone wheel sensor gap
So that is where to begin.
Roland