Warren Buffett’s Berkshire Hathaway to Acquire Auto Dealership Group
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Photo by Bill Pugliano/Getty Images(NEW YORK) — Berkshire Hathaway Inc. announced on Thursday that it would acquire the Van Tuyl Group, the largest privately owned auto dealership group in the U.S.
The auto group, which will be known as Berkshire Hathaway Automotive, will remain under the leadership of Larry Van Tuyl and will be headquartered in Dallas. According to a news release from Berkshire, Warren Buffett’s holding company, said that there will be no change to the business model that the Van Tuyl Group has operated under for 62 years.
“The Van Tuyl Group fits perfectly into Berkshire Hathaway from both a financial and cultural viewpoint,” Buffett said. Buffett noted that the auto group delivers “unusually high volumes at its 78 locations,” calling the acquisition “just the beginning for Berkshire Hathaway Automotive.”
The transaction is set to be completed in the first quarter of the 2015 Fiscal Year.
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