Dorchester native Herb Chambers has agreed to sell his chain of car dealerships to a Georgia-based company in a deal worth $1.34 billion, according to a report on Tuesday in The Boston Globe, which said the 83-year-old magnate would retain ownership of his Mercedes-Benz dealership in Boston.

The Chambers holdings include a Honda dealership on Morrissey Boulevard, which Chambers acquired in 2018 from used-car dealer JD Byrider. Chambers sought and won approval to build a multi-story Honda showroom on the two-acre site in 2022, but has not advanced the project.

Born and raised in St. Peter’s parish in the Bowdoin-Geneva section of Dorchester, Chambers attended the Mather School and Grover Cleveland School before joining the US Navy at age 17. He has been a generous donor to many causes in his hometown over the decades. Last year, he made a $100 million pledge to Massachusetts General Hospital to build a new facility that will bear his name when completed in 2027.

According to the Globe, the Asbury Automotive Group will acquire “33 dealerships, 52 franchises, and three collision centers in Massachusetts and Rhode Island.”