Asbury Automotive Group has signed a definitive agreement to acquire one of the largest private dealership group New England for $1.34 billion.
Asbury announced on Feb. 18 reached a deal with The Herb Chambers Companies (HCC), the fourteenth largest by revenue privately-owned dealership group in the country. The sale of this New England region company is one of the most sizable in U.S. auto retail history, representing $2.9 billion in revenue in 2024, and includes 33 dealerships, 52 franchises, and three collision centers.
Asbury plans to fund the purchase with a combination of credit facility capacity, mortgage proceeds and cash. The transaction is subject to customary closing conditions and is expected to close late in the second quarter of 2025.
Asbury Expansion Plan
Since late 2020, Asbury embarked on a multi-year plan to increase revenue and profitability strategically through organic and acquisitive growth and innovative technologies. As of Dec. 31, 2024, Asbury operated 152 new vehicle dealerships, consisting of 198 franchises and representing 31 domestic and foreign brands of vehicles. Asbury ranked 5th in Automotive News top 150 last year.
David Hult, Asbury’s president & CEO, highlighted that Herb Chambers is an icon in Boston and has built a world class organization, with a strong reputation for serving his guests and being highly engaged in the communities.
“We’re excited to bring Asbury and the Herb Chambers team together,” said Hult in a statement announcing the deal. “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.”
HCC History
Founded in 1985, HCC employs more than 2,200 people in locations throughout Massachusetts and Rhode Island, with most of its dealerships located in and around Boston and has been named as one of the Boston Globe’s “Top Places to Work.” HCC consists of 47 dealerships in Massachusetts and Rhode Island.
Herb Chambers, principal of the HCC, has agreed to assume the post of special advisor to Asbury and will retain ownership of Mercedes-Benz of Boston in Somerville, MA. HCC ranked 28th in Automotive News top 150 last 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,” stated Chambers. “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.”
