Asbury Automotive Group, Inc. has announced its agreement to acquire The Herb Chambers Companies (HCC), one of the largest private auto dealership groups in the U.S., with 33 dealerships, 52 franchises, and three collision centers in Massachusetts and Rhode Island. The transaction, valued at $1.34 billion, marks one of the most significant acquisitions in U.S. auto retail history, as HCC generated $2.9 billion in revenue in 2024.

Asbury plans to finance the purchase through a combination of credit facility capacity, mortgage proceeds, and cash. Herb Chambers, the founder of HCC, will serve as a Special Advisor to Asbury and will retain ownership of Mercedes-Benz of Boston in Somerville, Massachusetts. The deal is subject to customary closing conditions and is expected to be finalized in the second quarter of 2025.

Asbury CEO David Hult emphasized that the acquisition aligns with the company’s strategy of providing a guest-centric automotive experience. Herb Chambers expressed confidence in Asbury’s ability to continue HCC’s legacy of customer service and community engagement.

Legal and financial advisors involved in the transaction include Jones Day, Hill Ward Henderson, Baker Tilly, BofA Securities, Stephens Inc., and WilmerHale.

Asbury Automotive Group, a Fortune 500 company, operates 152 new vehicle dealerships and 37 collision repair centers across the U.S. It has been recognized among America's Fastest Growing Companies by the Financial Times and as one of the World’s Most Trustworthy Companies by Newsweek.

Forward-looking statements in the announcement highlight potential risks, including regulatory approvals and integration challenges. However, Asbury remains optimistic about leveraging the acquisition to enhance its position in the automotive retail industry.