Warren Buffett’s holding company, Berkshire Hathaway Inc., intends to purchase the Van Tuyl Group, which started in Kansas City and is now the largest privately owned U.S. auto dealership group. The deal is expected to be completed in the first quarter of 2015, according to a Berkshire Hathaway news release.
Van Tuyl, which was founded by the late Cecil Van Tuyl with a single Kansas City Chevrolet dealership in 1955, has offices in the Kansas City area and 15 dealerships across Missouri. The operation sells vehicles from automakers including Toyota Motor Corp., Ford Motor Co. and General Motors Co.
After becoming a part of the Berkshire Hathaway family of businesses, the company will be known as Berkshire Hathaway Automotive. Berkshire Hathaway Automotive will continue to be led by Larry Van Tuyl, who will become Chairman, and Jeff Rachor, who will assume the role of Chief Executive Officer.
“I fully expect we’ll buy a lot more dealerships,” Buffett said in the release. “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.”