Berkshire Hathaway, the holding company of billionaire investor Warren Buffett, announced Tuesday it has purchased the Van Tuyl Group, the largest privately held car dealership group in the United States.
The resulting company and dealer network has been renamed Berkshire Hathaway Automotive. It is the fifth-largest car dealer among all auto dealership groups in the U.S., with more than $9 billion in revenue and 81 independently operated dealerships, and more than 100 franchises across Arizona, California, Florida, Georgia, Illinois, Indiana, Missouri, Nebraska, New Mexico and Texas.
"This is the beginning of a journey that will have no end," Buffett said in a statement. "Cecil and Larry (Van Tuyl) have given us the ideal platform with which to build an auto dealership business that will be thriving and growing 50 and 100 years from now."
Berkshire Hathaway Automotive is headquartered in Dallas. Jeffrey C. Rachor, formerly Van Tuyl Group's president, has been named the company's CEO.
"Our partners and 10,000 plus associates are extremely proud and excited about the bright future as Berkshire Hathaway Automotive," Rachor said in a release. "We are all grateful that Mr. Van Tuyl found the ideal buyer to preserve the Van Tuyl business model and our unique entrepreneurial culture."
Source : http://www.mlive.com/