The business, with more than 100 franchises, will be renamed Berkshire Hathaway Automotive and continue to be run by Larry Van Tuyl, Omaha, Nebraska-based Berkshire said today in a statement that didn’t disclose terms. The target company has more than $8 billion of revenue.
“I fully expect we’ll buy a lot more dealerships over time,” Buffett told CNBC in an interview today. “We’ve gone a long time without getting into automobiles, but Larry’s got an operation that we think could be scaled up a lot from where it is.”
Buffett, 84, built Berkshire into the fifth-biggest company in the world by market value through stock picks and acquisitions. Its dozens of subsidiaries range from auto insurer Geico to ice-cream chain Dairy Queen.
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