Herb Chambers has reached an settlement to promote his community of New England automobile dealerships to Asbury Automotive Group for $1.34 billion.
Herb Chambers Firms dealerships are positioned all through jap Massachusetts with a number of in Rhode Island.
Herb Chambers Firms bought
Asbury Automotive Group, one of many largest automobile retail and companies firms within the nation, signed a definitive settlement to accumulate 33 dealerships, 52 franchises, and three collision facilities.
Principal proprietor Herb Chambers will function particular advisor to Asbury and can retain possession of Mercedes-Benz of Boston, which is positioned in Somerville.
The sale, which is described as probably the most sizable in U.S. auto retail historical past, is topic to customary closing situations. It’s anticipated to shut late within the second quarter of this yr.
“As I look again on the final 40 years in enterprise, I accomplish that with immense delight, and as I look ahead, I’ll accomplish that with nice satisfaction understanding what we constructed collectively can be in trusted arms,” Chambers stated in an announcement. “David Hult and the Asbury Automotive Group share our customer-focused philosophy which can stay as the inspiration from which they transfer our nice firm into the longer term.”
Asbury Automotive Group buys Herb Chambers
Hult is president and CEO of Asbury, which is predicated in Georgia.
“We’re excited to carry Asbury and the Herb Chambers workforce collectively. Herb is an icon in Boston, and he has constructed a world class group, with a powerful status for serving his friends and being extremely engaged within the communities,” stated David Hult, Asbury’s President & CEO. “HCC is a revered model with a wealthy historical past and status for having a buyer and workforce member-focused tradition, aligning immediately with Asbury’s North Star to turn out to be probably the most guest-centric automotive retailer.”
