OMAHA, Nebraska — The largest U.S. dealership acquisition in industry history was signed, sealed and delivered this week as Berkshire Hathaway Inc. completed its purchase of the Van Tuyl Group.
The company has been renamed Berkshire Hathaway Automotive.
It is now the fifth-largest dealership group in the U.S. with more than $9 billion in annual revenue and 81 independently operated dealerships with over 100 franchises in 10 states, including Arizona, California, Florida, Georgia, Illinois, Indiana, Missouri, Nebraska, New Mexico and Texas.
All aspects of the sale were finalized on Monday.
"This is the beginning of a journey that will have no end," said Berkshire Hathaway Inc. CEO Warren Buffett 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."
He added: "The fun has just started."
Larry Van Tuyl sold the group to Berkshire Hathaway and will continue as chairman of Berkshire Hathaway Automotive. His father, Cecil Van Tuyl, founded the dealership group.
"Mr. Buffett and I made this deal on a handshake and it is no surprise that completing the transaction went smoothly and according to plan," said Larry Van Tuyl in a statement. "Berkshire Hathaway's acquisition of the Van Tuyl Group has been embraced by all internal and external stakeholders."
Edmunds says: Lots of positive ramifications are expected for car shoppers with this history-making deal.