Herb Chambers’s profile picture

Herb Chambers

Herb Chambers’s profile picture
Net worth 2018: $1.4 Billion
Industry: Automotive
Residence: Boston, Massachusetts
Country: United States
BirthDay: 15 November 1940
BIOGRAPHY

Herb Chambers was bornon 15 November 1940 in Boston, Massachusetts, United States. Herb Chambers is #1622 in List Billionaires People In The World. Herb Chambers dominates the New England auto sales market. His 55 dealerships bring in more than $2.5 billion per year and are a magnet for customers who covet luxury rides like Bentley, Rolls Royce, Maserati and Lamborghini. An avowed car fanatic -- he owns vintage Ferraris and a rare McLaren F1 -- he prefers his helicopter when commuting from Connecticut to his Somerville, MA headquarters. Chambers grew up in Boston's working-class Dorchester neighborhood, where he got his first job as a cart collector at the local supermarket. He later dropped out of high school during his senior year and joined the U.S. Navy. After returning, he borrowed $500 from his mother to start his first company, a copy distributor, which sold for $80 million in 1983. Chambers then stumbled into the car sales business, purchasing a Cadillac dealership that had given him poor service. Thirty years later, he is a billionaire, with a gleaming 200 foot yacht to prove it.

NET WORTH STATISTIC
2015

$1.7 Billion

2016

$1.3 Billion

2017

$1.3 Billion

2018

$1.4 Billion

TIMELINE
2016

In 2016, Chambers helped to lead the effort to bring the Boston Police Department's mounted police unit back after it was disbanded in 2009 due to budget cuts

2015

In 2015, at the age of 74, he was named as one of the 400 richest Americans, ranking number 392, with an estimated $1

2007

In 2007, The Boston Globe carried an article and photo gallery highlighting Chambers' car collection

2006

His collection of rare automobiles includes the McLaren F1, Mercedes-Benz SLR McLaren, Ferrari Daytona Spyder, Ferrari Daytona Coupe, 2006 Ford GT, 2008 Bugatti Veyron, Porsche 959 Supercar, 2006 Porsche Carrera GT, Cadillac Eldorado Biarritz Convertible, Ford Model B (1932) and a 1955 Mercedes-Benz 300SL that was raced in the 1983 Cannonball Run

1985

He opened his first automobile dealership in New London, Connecticut in 1985

1983

In 1983, Chambers sold the A-Copy business to Alco Standard Corporation for a reported $80 million and he continued to work with the company for another two years

1972

When asked what car in his collection was his favorite, Chambers stated the 1972 Ferrari Daytona Spider that he owned in the early 1980s was his personal favorite

1959

In 1959, Chambers was out of school and looking for a purpose in life, so he ended up joining the United States Navy as an aviation electrician

1940

Chambers (born November 15, 1940) is owner and CEO of The Herb Chambers Companies, a group of 55 car dealerships in the greater Boston, Massachusetts, area

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