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Warren Buffett to Become One of Nation's Largest Car Dealers

In a move that is almost certain to benefit GEICO, billionaire investor Warren Buffett announced October 2 an agreement for his Berkshire Hathaway, Inc., to purchase the Van Tuyl Group, the nation's largest privately owned automobile dealership group, for an undisclosed sum...
October 9, 2014

In a move that is almost certain to benefit GEICO, billionaire investor Warren Buffett announced October 2 an agreement for his Berkshire Hathaway, Inc., to purchase the Van Tuyl Group, the nation's largest privately owned automobile dealership group, for an undisclosed sum. Once the deal is complete, the company will be known as Berkshire Hathaway Automotive.

The deal is expected to close in the first quarter of 2015, subject to regulatory and other approvals. In a statement, Berkshire Hathaway said the new automotive unit will be based in Dallas and pursue a strategy of "operational excellence and disciplined acquisition growth." Observers say Berkshire could easily install GEICO sales people at its auto dealerships to sell more policies.

Berkshire Auto CEO Ready to Accelerate Growth (Automotive News 10/4/14)

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