Well-Known Massachusetts Auto Giant Sells Dealership in Billion Dollar Deal

Wow.  I knew that selling cars was big business, but I guess I didn't think it was THIS big.

One of Massachusetts biggest car dealerships, Herb Chambers, announced the sale of the company for $1.34 billion dollars to Asbury Automotive.

There are currently 60 Herb Chambers dealerships in Massachusetts, according to herbchambers.com.

Asbury Automotive is a Georgia Based Company

According to the papers filed, Herb Chambers Companies represented $2.9 billion in revenue in 2024 from their 33 dealerships, 52 franchises and three collision centers.

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The closing is expected to happen late in second quarter, 2025.

That's a Lot of Goodwill

The $1.34 billion dollars is broken up into $590 million for the properties and another $750 million for "goodwill."  What the holy hell does that mean?  I had to find out.

"Goodwill" is defined as an "intangible asset," according to investopedia.com.  Without knowing much about business transactions, it would make sense that keeping Herb Chambers name in the mix of the sale would be considered  "Goodwill?"

From the documents filed, Herb Chambers himself, has agreed to assume the post of "Special Advisor" to the new owners and will keep Mercedes-Benz of Boston and Somerville, Massachusetts.  Ah, there we go.  Goodwill.

"Goodwill" gives the new owners a competitive advantage.  Does that mean they get to use the name of Herb Chambers along with their own?  Probably, but I'm no lawyer.

Herb Chambers Founded in 1985

Herb Chambers was founded in 1985 and with a lot of hard work, (no successful business just 'happens.' It's a lot of work)  it has grown to 60 dealerships and 3 collision centers.  The company itself employs more than 2,200 people across Massachusetts and Rhode Island.

The article from WCVB does not say anything about how the sale would impact the employees.  The Company employs more than 2,200 across all of their properties.

It would be my assumption that nothing will happen to the employees if they want to stay.  If they are good employees, the company would want to keep them.