Asbury Automotive Group pays $ 750 million for the Chambers brand and $ 590 million for real estate
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by Brad Anderson
February 19, 2025 at 10:30 am
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- The sale includes 33 dealers, 52 franchises and three collision centers in two states.
- Herb Chambers employs more than 2,200 people via its large network of dealerships.
- The value of existing stocks, parts and supplies will be determined on a later date.
A mega group of car dealerships through Massachusetts and the Rhode Island was sold in a massive agreement worth $ 1.34 billion. This week, Asbury Automotive Group said that it would buy dozens of dealers belonging to the Herb Chambers in the region, because one of the best known businessmen in Boston abandons the kingdoms of his eponymous business.
For four decades, Herb Chambers has been one of the most important names in the New England automotive sector. His business is one of the largest groups of private car dealerships in the United States and currently employs more than 2,200 people. Thanks to its agreement with the Asbury Automotive group listed on the stock market, Chambers will separate from 33 dealerships, 52 franchises and three collision centers.
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Asbury finances the sale with species, a mortgage product and an ease of credit capacity. The agreement consists of $ 750 million for the value of the Chambers brand and $ 590 million for real estate. When the agreement ends in summer, Asbury will also pay an amount to be determined for other important assets of the group of dealers, including parts, supplies and its large fleet of vehicles.
The Auto Empire Chambers Empire said $ 2.9 billion in revenues last year. He will keep the property of a single Mercedes-Benz dealer in Somerville. When the agreement with Asbury ends, Chambers will be appointed special advisor.
Speaking with Boston Globe, Chambers said that Asbury was approaching a potential sale for the first time a year ago.
“While I come back to the last 40 years in business, I do it with immense pride, and as I look forward to, I will do it with great satisfaction knowing that we have built together in the hands of trust” He said after the agreement was announced. “David Hult and the Automobile group Asbury share our customer -oriented philosophy that will remain the foundation from which they move our big business to the future.”
