Breaking: Asbury Automotive Group set to buy The Herb Chambers Companies in billion-dollar acquisition

Asbury Automotive Group has signed a $1.34 billion agreement to acquire 33 dealerships from The Herb Chambers Companies (HCC)—making this acquisition one of the largest dealership buy/sell deals in U.S. history. 

The details: The acquisition includes 52 franchises, three collision centers, and represents $2.9 billion in 2024 revenue, according to a press release. The deal is expected to close by late Q2 2025, pending customary conditions.

Why it matters: This acquisition strengthens Asbury’s presence in the key New England market. According to Cox Auto data via Senior Director, Economic and Industry Insights Mark Strand, in 2024 the Northeast region (New England + Mid-Atlantic) had strong year-over-year retail sales growth for both new (+4.5%) and used (+5.1%) vehicles. 

What’s next:

• Asbury will fund the purchase through credit facilities, mortgage proceeds, and cash.

• Herb Chambers will become Special Advisor to Asbury but retain ownership of Mercedes-Benz of Boston.

• The deal is expected to close in late Q2 2025, subject to customary conditions.

What they’re saying:

• “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,” said David Hult, Asbury’s President and CEO.

• “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,” shared Herb Chambers, principal of the Herb Chambers Companies.

The bottom line: Industry consolidation is not slowing down. With rising operational costs and increased competition, scale has become crucial for profitability. This record-setting deal also highlights how regional powerhouses, like Herb Chambers, are becoming prime targets for national giants looking to strengthen their footprint in crucial markets.

Become an automotive insider in just 5 minutes.

Get the weekly email that delivers transparent insights into the car market.

Join 90,000+ others now, it's free:

Ship Smarter. Pay Less. No Middlemen.

Tired of brokers driving up costs and slowing you down? Auto Hauler Exchange puts YOU in control.

• Ship cars faster and cheaper with 5,000+ vetted carriers

• Get cars delivered in just 5 days on average

• Transparent pricing, no hidden fees, and real-time tracking

Move cars smarter. Move cars faster.