Herb Chambers Sells Entire Network to Asbury in $1B Deal
Asbury Automotive Group has agreed to purchase the Herb Chambers Companies’ 33 Massachusetts and Rhode Island dealerships and three collision centers for $1.34 billion, the companies announced.
“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,” writes Herb Chambers, who founded his 52-franchise enterprise in 1985, in a statement.
Boston’s WCVB reports $590 million of the deal is for Chambers’s properties and the balance is for “goodwill.” The acquisition represents Asbury’s first foray into the New England region.
