Asbury Automotive Group is set to acquire Herb Chambers Companies for $1.34 billion, concluding the legacy of its founder, Herb Chambers. The deal encompasses 33 dealerships and three collision centers predominantly in Massachusetts and Rhode Island, significantly broadening Asbury's portfolio, which already includes 152 new vehicle dealerships. Chambers, who developed his first dealership in 1985, will remain involved as a Special Advisor, ensuring continuity in leadership and operations. The sale also reflects the high market value of the company's reputation, valued at $750 million, demonstrating the importance of brand goodwill in business transactions.
‘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,’ Chambers, 83, said in a statement.
‘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,’ David Hult, Asbury's President and CEO, said in a statement.
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