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Ringo64

RSS Warren Buffet buys largest private US car dealership chain [w/video]

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Filed under: Car Buying, Videos, Earnings/Financials

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When Warren Buffet makes an investment, people pay attention. That's just one of the perks of being one of the richest men in the world, and his latest move is a big one. Buffet's Berkshire Hathaway investment company is to hopping into the auto business in a huge way by buying Van Tuyl Group, the nation's largest privately owned auto dealer network, for an undisclosed sum.

Van Tuyl Group is the fifth-largest dealer network overall in the US and operates 78 stores in 10 states. According to the release from Berkshire Hathaway announcing the purchase, Van Tuyl has over $8 billion in revenue. However, because the company is private, the actual price of this investment is not being disclosed. Under the arrangement, Van Tuyl Group will become Berkshire Hathaway Automotive with its headquarters in Dallas, and Larry Van Tuyl will become its chairman.

While this investment would be big enough on its own, Buffet isn't stopping with just Van Tuyl's network. He tells CNBC that he expects to buy even more dealers. He even reiterates the point in the press release for the announcement saying, "This is just the beginning for Berkshire Hathaway Automotive."

The deal still has to be approved by automakers and regulators, but Berkshire Hathaway expects everything to be completed in the first quarter of 2015. Scroll down to watch Buffet's interview on CNBC and read the press release announcing the deal.

Continue reading Warren Buffet buys largest private US car dealership chain [w/video]

Warren Buffet buys largest private US car dealership chain [w/video] originally appeared on Autoblog on Fri, 03 Oct 2014 07:30:00 EST. Please see our terms for use of feeds.

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http://www.autoblog.com/2014/10/03/warren-buffet-buys-us-largest-car-dealer/

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