Omaha's Berkshire Hathaway will acquire automotive group
Berkshire Hathaway Inc., the diverse Omaha company led by billionaire Warren Buffet, has entered into an agreement to purchase the Van Tuyl Group. It is the nation’s largest privately owned auto dealership group and the fifth largest auto dealership group overall in the country.
The company will be known as Berkshire Hathaway Automotive, and will be be led by Larry Van Tuyl, who will serve as chairman, and Jeff Rachor, who will be CEO. The company does not plan to change the business model it has pursued for more than 60 years.
“The Van Tuyl Group fits perfectly into Berkshire Hathaway from both a financial and cultural viewpoint. Larry Van Tuyl along with his father, Cecil, spent decades building outstanding dealerships operated by local partners. In recent years, he has shared management with Jeff Rachor, a seasoned auto retailer who will retain a financial interest in all dealerships. The Van Tuyl Group enjoys excellent relations with the major auto manufacturers and delivers unusually high volumes at its 78 locations. This is just the beginning for Berkshire Hathaway Automotive,” said Buffet, chairman and CEO of Berkshire Hathaway.