Asbury Automotive to Buy Herb Chambers Car Empire for $1.34 Billion
In a big industry move, Asbury Automotive Group is buying Herb Chambers Companies, a major New England car dealer network, for $1.34 billion. The huge deal includes 33 dealerships, 52 franchises, and three collision centers throughout Massachusetts and Rhode Island.
The successful network, with its 2,200 employees, made $2.9 billion last year. The billion-dollar purchase breaks down to $750 million for brand value and $590 million for real estate.
“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,” said Herb Chambers to Boston 25 News.
In the deal, Chambers will keep his Mercedes-Benz of Boston location. He’ll stay on as an Asbury advisor after the sale is complete.
“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 Asbury CEO David Hult.
Starting with just one Connecticut showroom in 1985, the business grew into a regional powerhouse. The company now sells luxury brands like BMW and Porsche within 75 miles of Boston.
Once the deal closes, Asbury will take over all vehicles and parts in stock. They’ll figure out the final inventory cost in mid-2025.
Both companies are waiting for regular regulatory approvals. The deal should be finished by the second quarter of next year.
