One of the largest car dealership chains in the country, and the largest in New England, is set to trade hands for a huge sticker price. Herb Chambers Cos. reached a deal to sell its dealership businesses and real estate to Georgia-based Asbury Automotive Group for $1.3B, according to Securities and Exchange Commission filings. The deal is expected to close in the second quarter.
The price includes $750M for the brand itself and $590M for its real estate assets, The Boston Globe first reported. Asbury also agreed to pay an additional amount that has yet to be specified for assets including the vehicle fleet and auto parts.
The deal includes 52 franchises, 33 dealerships and three collision centers across Massachusetts and Rhode Island. Herb Chambers, the owner of the company bearing his name, will hold onto his Mercedes-Benz dealership in Somerville, and he will serve as an advisor to Asbury...
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- - Volume: 25 - WEEK: 9 Date: 2/25/2025 11:26:35 AM -