Asbury Automotive Group Finalizes Herb Chambers Dealerships Acquisition

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07/21/2025 – 05:37 PM

33 new vehicle dealerships in Northeastern US representing 52 new vehicle franchises

Leading market share in Massachusetts

Expected to generate significant value for shareholders

DULUTH, Ga.–(BUSINESS WIRE)–Asbury Automotive Group, Inc. (NYSE: ABG), a major player in the U.S. automotive retail and service sector, has officially closed its acquisition of The Herb Chambers Companies (HCC). HCC ranks as the 16th largest privately-owned dealership group in the nation based on revenue.

“We’re extremely pleased to finalize the acquisition of The Herb Chambers Companies’ assets and operations,” stated David Hult, President & CEO of Asbury. “Herb Chambers revolutionized the car-buying experience in New England, establishing the ‘Herb Chambers’ name as a beacon of reliability and exceptional service. The HCC team is renowned for its customer-first approach and active community engagement, and we are delighted to welcome them into the Asbury family.”

Herb Chambers, founder of The Herb Chambers Companies, commented, “Over the past decade, I’ve been approached by numerous companies interested in acquiring my organization. Throughout, the opportunity for, and well-being of, the Chambers team remained my top priority. Asbury unequivocally stood out as the ideal custodian. Their leadership, particularly under David Hult, is, without a doubt, the best in the industry.”

This strategic acquisition significantly expands Asbury’s geographic footprint, marking its entry into the Northeastern United States market. The purchase of the flagship New England Region company is one of the most substantial transactions in U.S. automotive retail history, representing $3.2 billion in revenue in 2024. It includes 33 dealerships, 52 franchises, and three collision centers.

The Herb Chambers Companies moved approximately 50,000 new and used vehicles during the year ended December 31, 2024, demonstrating the robust demand for their brands in the New England market.

The total net purchase price came to $1.45 billion, encompassing $750 million for goodwill, approximately $610 million for the real estate and leasehold improvements, and roughly $85 million for new vehicles, used vehicles, service loaner vehicles, fixed assets, parts and supplies, net of non-manufacturer floorplan of $375 million.

Asbury primarily financed the acquisition using a combination of available credit facility capacity, mortgage proceeds, and cash on hand.

For a more in-depth look, refer to the Form 8-K that will be filed in connection with this transaction.

Advisors

Jones Day and Hill Ward Henderson served as legal counsel, Baker Tilly served as the transaction advisory firm, and BofA Securities served as financial advisor to Asbury; Wells Fargo served as lead for the syndicated mortgage facility. Stephens Inc. served as financial advisor and Simpson Thacher and WilmerHale served as legal counsel to HCC.

About The Herb Chambers Companies

Established in 1985, The Herb Chambers Companies is a leading private auto dealership group and a premier automotive retailer in the New England region. HCC employs over 2,200 individuals across its dealerships, largely concentrated in and around Boston, Massachusetts, and also has locations in Rhode Island. Herb Chambers has consistently earned recognition as one of the Boston Globe’s “Top Places to Work.”

About Asbury Automotive Group, Inc

Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company based in Duluth, GA, stands as one of the largest automotive retailers in the U.S. In late 2020, Asbury initiated a multi-year strategic plan aimed at boosting revenue and profitability through organic growth, strategic acquisitions, and innovative technologies, always guided by its customer-centric philosophy. As of June 30, 2025, Asbury operated 145 new vehicle dealerships, comprising 189 franchises representing 31 domestic and foreign vehicle brands. Asbury additionally operates Total Care Auto, Powered by Landcar, a leading provider of service contracts and related vehicle protection products, alongside 37 collision repair centers. Asbury provides a wide spectrum of automotive products and services, spanning new and used vehicles, parts and services (including repair and maintenance, replacement parts, and collision repair), and finance and insurance offerings that facilitate vehicle financing through third parties and provide aftermarket products such as extended service contracts, guaranteed asset protection, debt cancellation, and prepaid maintenance. Asbury was recognized as one of America’s Fastest Growing Companies 2024 by the Financial Times and the Company is listed in World’s Most Trustworthy Companies 2024 by Newsweek.

For more details, please visit www.asburyauto.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These statements are not based on historical fact and may encompass goals, plans, objectives, beliefs, expectations, and assumptions regarding expected benefits and performance stemming from the recent Herb Chambers dealerships acquisition, as well as integration plans and anticipated synergies.

Several factors, though not exhaustive, could significantly alter actual results from those anticipated, including: risks of failing to realize expected benefits from the acquisition; difficulties in promptly and effectively integrating the acquisition; potential management time disruption from ongoing business operations during integration; identifying and rectifying insufficient control activities within the acquired business; the acquisition’s impact on Asbury’s ability to retain and attract key personnel and maintain supplier relationships; the ability to execute the overall business strategy; and other risks detailed in Asbury’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K filed on February 26, 2025, and subsequent filings.

These forward-looking statements, along with associated risks, uncertainties, and other factors, are valid only as of the date of this press release. Asbury undertakes no obligation to publicly update any forward-looking statement, be it due to new information, future occurrences, or other reasons.

Asbury Automotive Group Finalizes Herb Chambers Dealerships Acquisition