Asbury Automotive Group (ABG) announced on Tuesday that it has signed an agreement to acquire multiple dealerships from The Herb Chambers Companies, the 14th largest privately-owned dealership group in the U.S. The $1.34 billion deal, among the largest in U.S. auto retail history, includes 33 dealerships, 52 franchises, and three collision centers, generating $2.9 billion in revenue in 2024.
Expected to close in the late second quarter of 2025, the purchase will be funded through credit facility capacity, mortgage proceeds, and cash. Herb Chambers will serve as Special Advisor to Asbury while retaining ownership of Mercedes-Benz of Boston.
Asbury President & CEO David Hult expressed enthusiasm for the acquisition, highlighting Herb Chambers' strong reputation in Boston and HCC's commitment to customer service and community engagement. He noted that HCC's customer- and team-focused culture aligns with Asbury's goal of becoming the most guest-centric automotive retailer.
ABG is currently trading at $299.57 or 1.25% lower on the New York Stock Exchange.
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