Asbury Automotive Group has completed the acquisition of The Herb Chambers Companies (HCC), the sixteenth-largest privately owned dealership group in the U.S.
This acquisition expands Asbury’s presence in the Northeastern United States and is one of the largest in automotive retail history, projected to yield $3.2 billion in revenue in 2024. It includes 33 dealerships, 52 franchises, and three collision centers, with HCC having sold approximately 50,000 vehicles in 2024.
The total net purchase price was $1.45 billion, comprising $750 million for goodwill, approximately $610 million for real estate, and roughly $85 million for vehicles and assets, after deducting a $375 million non-manufacturer floorplan. Asbury funded the deal through a mix of credit, mortgage proceeds, and cash.
Advisors: Jones Day and Hill Ward Henderson were legal counsel, while Baker Tilly provided transaction advisory services for Asbury. BofA Securities acted as the financial advisor, and Wells Fargo was the lead for the syndicated mortgage facility. For HCC, Stephens Inc. served as financial advisor, with Simpson Thacher & Bartlett and WilmerHale as legal counsel.
KEY QUOTES:
“We’re thrilled to complete the acquisition of The Herb Chambers Companies’ assets and operations. Herb redefined the car-buying experience in New England, making ‘Herb Chambers’ a household name, synonymous with reliability and service. The HCC team is well known for its guest-centric focus and community involvement, and we are proud to welcome the team to the Asbury family.”
David Hult, Asbury’s President & CEO
“Over the past decade, I have been approached by several companies interested in acquiring my organization. Throughout it all, the opportunity and well-being of the Chambers team remained my top priority. Without question, Asbury stood out as the ideal steward. Their leadership – especially under David Hult – is, without a doubt, the best in the industry.”
Herb Chambers, founder of The Herb Chambers Companies
