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.
The deal comes as sales of new and used cars are rising all over the world. For more, see 5 Buyers Find New Customers Abroad.
The company will be known as Berkshire Hathaway Automotive and headquartered in Dallas after the deal closes. The company will pursue acquisitions.
Berkshire Hathaway is a diversified company headquartered in Omaha, Nebraska. The company, in April, added Prudential Premier Relators and Prudential Waterfront Properties to its real estate division, Berkshire Hathaway Home Services. In March, Berkshire Hathaway agreed to buy Miami television station WPLG.
Stephens Inc. is acting as Van Tuyl's financial adviser, while DLA Piper is providing legal advice. Munger Tolles & Olson LLP is Berkshire Hathaway's legal counsel.