Herb Chambers selling car dealership network for $1.34 billion

Boston-area car sales giant Herb Chambers is selling his network of companies to a Georgia-based corporation for $1.34 billion, according to documents submitted to the U.S. Securities and Exchange Commission. The money includes $590 million for Chambers’ properties and another $750 million labeled as “goodwill.” “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 said in a statement about the deal.Founded in 1985, the Herb Chambers Companies sell 35 brands across 60 dealerships, operate three collision centers and employ more than 2,200 people across Massachusetts and Rhode Island. According to Tuesday’s announcement, the sale includes 33 dealerships, 52 franchises, and three collision centers.Asbury Automotive Group is a publicly traded, Fortune 500 company that operates 152 dealerships selling 31 brands. None of the company’s current locations are in New England.Asbury said in a statement that the company is involved in a multi-year plan to increase revenue and profitability through strategic growth.”We’re excited to bring Asbury and the Herb Chambers team together. 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. “HCC is a respected brand with a rich history and reputation for having a customer and team member-focused culture, aligning directly with Asbury’s North Star to become the most guest-centric automotive retailer.”The transaction is expected to close late in the second quarter. “David Hult and the Asbury Automotive Group share our customer-focused philosophy which will remain as the foundation from which they move our great company into the future,” Chambers said.Video below: Herb Chambers featured on Chronicle in 2015

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