Herb Chambers Companies sold to Asbury Automotive Group for $1.34B
Herb Chambers has reached an agreement to sell his network of New England car dealerships to Asbury Automotive Group for $1.34 billion.
Herb Chambers Companies dealerships are located throughout eastern Massachusetts with several in Rhode Island.
Herb Chambers Companies sold
Asbury Automotive Group, one of the largest car retail and services companies in the country, signed a definitive agreement to acquire 33 dealerships, 52 franchises, and three collision centers.
Principal owner Herb Chambers will serve as special advisor to Asbury and will retain ownership of Mercedes-Benz of Boston, which is located in Somerville.
The sale, which is described as one of the most sizable in U.S. auto retail history, is subject to customary closing conditions. It is expected to close late in the second quarter of this year.
"As I look back on the last 40 years in business, I do so with immense pride, and as I look forward, I will do so with great satisfaction knowing what we built together will be in trusted hands," Chambers said in a statement. "David Hult and the Asbury Automotive Group share our customer-focused philosophy which will remain as the foundation from which they move our great company into the future."
Asbury Automotive Group buys Herb Chambers
Hult is president and CEO of Asbury, which is based in Georgia.
"We're excited to bring Asbury and the Herb Chambers team together. Herb is an icon in Boston, and he has built a world class organization, with a strong reputation for serving his guests and being highly engaged in the communities," said David Hult, Asbury's President & CEO. "HCC is a respected brand with a rich history and reputation for having a customer and team member-focused culture, aligning directly with Asbury's North Star to become the most guest-centric automotive retailer."
