Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) is buying the Van Tuyl Group, the largest privately-owned car dealership in the U.S.

Currently based in Phoenix, Van Tuyl includes 78 dealerships, which boast $8 billion in annual revenue. After the deal is completed, the company will be known as Berkshire Hathaway Automotive, with headquarters in Dallas. The new company plans to pursue acquisitions.

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