Auto retailer Asbury Automotive Group said on Tuesday it would acquire automotive dealerships owned by Herb Chambers Companies in a deal valued at $1.34 billion.
Asbury Automotive Group has agreed to acquire a collection of dealerships from Herb Chambers for $1.34 billion, expanding its presence in the Boston area. The deal includes 59 franchises across 35 dealership locations, which sold approximately 70,000 new and used vehicles in 2023, generating around $4.3 billion in revenue. This acquisition will significantly increase Asbury's scale, adding to its existing 138 dealerships. The transaction, expected to close in the second quarter of 2024, will be financed through a combination of cash, existing credit facilities, and new debt. This move is part of Asbury's strategy to grow through acquisitions, following its purchase of Larry H. Miller Dealerships in 2021.
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