Herb Chambers is an American businessman with a net worth of $1.9 billion, according to Forbes.
He is the owner and president of The Herb Chambers Companies, a group of 60 car dealerships in Boston, Massachusetts. Chambers dominates the New England car sales market with 59 dealerships that sell BMW, Mercedes Benz, Audi, Lexus, and Porsche.
He is the owner of the superyacht EXCELLENCE.
|NET WORTH||$1.9 BILLION|
|SOURCE OF WEALTH||HERB CHAMBERS COMPANIES|
At the age of 15, Chambers’ mother started to charge him $15 a week as rent, which prompted him to get a job at the local Stop & Shop supermarket.
He did exceptionally well at the job, and he earned promotions and raises throughout his time there. However, his schoolwork suffered, and he dropped out of high school in his senior year.
He joined the United States Navy as an aviation electrician in 1959. Chamber’s acquired the role of Petty Officer Second Class after four years in the Navy and returned home to work at a South End bar owned by his mother.
After leaving the Navy, he began working as a copy machine repairman and started his own copier distribution company at 22, called A-Copy America.
Thanks to newer and cheaper models becoming available, his business model changed from leasing copiers to selling copy machines.
The business soon became the world’s largest Minolta and Canon dealer with 36 offices and 1400 employees. He sold the company in 1983 to Alco Standard Corporation for $80 million.
HERB CHAMBERS Net Worth
Chambers purchased an Oldsmobile-Cadillac dealership in New London, Connecticut, in 1985.
This was the beginning of his automotive empire as he improved the operations of his first car dealership, which he decided to purchase after his own lousy buying experience at the dealership. He quickly grew the business into another success.
He owns the 80m yacht, EXCELLENCE, delivered to him in 2019 from Abeking & Rasmussen. EXCELLENCE is amongst a string of private boats that he has owned over the years.
He owns a seven-passenger Bell 429 GlobalRanger helicopter and a private jet. Chambers also has a wide collection of cars. His favorite was a 1972 Ferrari Daytona Spinner which he owned in the early 1980s.
Chambers was born in 1941. He currently resides in Connecticut and commutes to his Massachusetts headquarters by private helicopter every Monday morning.
He lives at the Four Season Hotel Residences at the Boston Public Garden during the week. Chambers often stops at one of his dealerships along the way on the helicopter ride over for meetings.
In May 2016, he received an honorary doctorate in business administration from the University of New Haven after showing prowess as a business owner throughout his three-decade career.
In 2016, Chambers helped bring the Boston Police Department’s mounted police unit back after it was disbanded in 2009 from budget cuts.
He led the effort to get the mounted unit back and was willing to donate $100000 of the $1.5 million needed.