Herb Chambers
Herb Chambers | |
|---|---|
| Born | November 24, 1941 Dorchester, Massachusetts, US |
| Occupation | Businessman |
| Title | Owner and President, The Herb Chambers Companies |
Herbert G. Chambers (born November 24, 1941) is a prominent American billionaire entrepreneur who serves as the owner and president of The Herb Chambers Companies, a network comprising 60 automobile dealerships throughout the greater Boston, Massachusetts region.[1] In 2015, at age 74, Forbes magazine ranked him among the 400 wealthiest individuals in the United States, placing him at number 392 with an estimated net worth of $1.8 billion.[2]
Early life and career
Born in Dorchester, Massachusetts, Chambers was raised as the son of a commercial artist father and a homemaker mother.[2] His childhood home was a two-family residence owned by his maternal grandmother. At 13 years old, his mother began charging him $15 weekly rent, prompting him to take a job at the local Stop & Shop supermarket. Excelling in his role there, he earned several promotions and pay increases; however, his academic performance at English High School of Boston declined, ultimately leading to his withdrawal during his senior year.[3][1]
In 1959, after leaving school without graduating, Chambers sought direction and enlisted in the United States Navy as an aviation electrician.[2] Following four years of service and achieving the rank of Petty Officer Second Class (E-5), he returned home and took a position at a bar in Boston’s South End, which was owned by his mother. His employment there lasted two months before he was dismissed due to a scheduling conflict.[3]
Subsequently, Chambers worked as a copier repair technician in Cambridge, Massachusetts, earning $75 per week plus commissions from service contracts sold.[3][2] By age 22, leveraging funds borrowed from his parents, he founded A-Copy America, a copier distribution enterprise based in Hartford, Connecticut. The copier industry was transitioning from leasing to sales because of emerging affordable models from manufacturers such as Minolta, Canon, and Sharp. Chambers capitalized on this shift by selling copiers and related supplies. His company rapidly expanded to become the largest Minolta and Canon dealer globally, employing approximately 1,400 people across 36 locations.[3][4]
In 1983, he sold A-Copy to Alco Standard Corporation for an estimated $80 million and remained with the corporation for two additional years.[3]
Chambers entered the automotive industry in 1985 by acquiring an Oldsmobile-Cadillac dealership located in New London, Connecticut. This purchase was motivated by dissatisfaction with his own prior purchasing experience at that dealership.[5] As he enhanced the dealership’s performance, he established what became known as The Herb Chambers Companies.
In May 2017, Chambers received the New England Motor Press Association Executive of the Year Award in recognition of his significant impact on the automotive sector.[6]
Exotic automobile enthusiast
In 2007, The Boston Globe featured an article accompanied by a photo series showcasing Chambers' impressive collection of vehicles. His assortment of rare and prestigious cars includes models such as the McLaren F1, Mercedes-Benz SLR McLaren, both coupé and spyder versions of the Ferrari Daytona, the Enzo Ferrari, LaFerrari, 2006 Ford GT, 2008 Bugatti Veyron, the Porsche 959 Supercar, 2006 Porsche Carrera GT, 2015 Porsche 918 Spyder, 2019 Ford GT Carbon Series, a 1959 Cadillac Eldorado Biarritz Convertible, the Ford Model B (1932), and a 1955 Mercedes-Benz 300SL that participated in the 1983 Cannonball Run.
In August 2017, Chambers achieved a record-setting sale when he auctioned his 1995 McLaren F1 for $15.62 million at a Bonhams event held in Carmel, California.
When questioned about his preferred vehicle within his collection, Chambers identified the 1972 Ferrari Daytona Spider, which he owned during the early 1980s, as his favorite.
Personal background
Residing in Old Lyme, Connecticut, Chambers commutes each Monday morning to his headquarters located in Somerville, Massachusetts via private helicopter. During these travels, he frequently makes stops at one of his dealerships for business meetings. His aviation assets include a seven-passenger Bell 429 GlobalRanger helicopter, alongside ownership of a private jet and multiple yachts acquired over time.
In May 2016, Chambers received an honorary doctorate in business administration from the University of New Haven.
That same year, he played a key role in reviving the Boston Police Department's mounted police unit, which had been disbanded in 2009 due to financial constraints. Chambers contributed $100,000 toward the $1.5 million fundraising goal necessary for its reinstatement. In December 2024, he made a substantial $100 million donation to Massachusetts General Hospital, securing naming rights for its new tower dedicated to oncology research and treatment.
References
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<ref>tag; no text was provided for refs namedwolfson - ↑ Storrs, Francis, "The 50 Wealthiest Bostonians", Boston Magazine, March 2006
- ↑ Peter C.T. Elsworth (May 5, 2007). "Herb Chambers loves being king of cars". The Providence Journal. Retrieved 2008-01-31.
- ↑ "New England Motor Press Association Announces Awards". 25 May 2017. Retrieved 2018-03-06.