Massachusetts Auto Giant Sold in Record Breaking Billion Dollar Sale

Massachusetts is a great place to live. Residents and visitors have their choice of city or county life, plenty of restaurants, and of course, plenty of shopping.

Massachusetts is home to an abundance of independent retailers from book stores, to sports equipment and gift shops. While small and family-owned businesses are a vital part of the state's economy, big box stores have their place in Massachusetts as well.

One of the state's largest businesses, captained by one of Massachusetts' wealthiest men, has announced they are selling in one of the largest automaker acquisitions in the county.

Herb Chambers Companies, an auto conglomerate with dealerships and service facilities based out of Massachusetts has announced the sale of the majority of the company's holdings. The deal is reported to be one of the largest automotive retail and service companies in the United States.

Asbury Automotive Group has purchased the auto giant for $1.34 billion giving them ownership of 33 dealerships, 52 franchises, and three collision centers throughout Massachusetts and Rhode Island.

Billionaire Herb Chambers, owner and president, has agreed to stay on with the as a special advisor to Asbury, and in addition, he will retain ownership of Mercedes-Benz of Boston in Somerville.

As one of the handful of billionaires that call Massachusetts home, Chambers is often ranked as one of the wealthiest folks in the country by Forbes magazine. Chambers grew up in Dorchester and still lives part time in Sommerville, Massachusetts.