Berkshire Hathaway Buys Largest Private US Auto Dealer
New York: Warren Buffett's Berkshire Hathaway said Thursday it is buying Van Tuyl Group, the largest private US auto dealer, putting the investment conglomerate into the auto business for the first time.
The group will be renamed Berkshire Hathaway Automotive, and Mr Buffett told a TV news channel it could be a launching-point to buy other car dealerships.
"We're in planes, trains and automobiles now... It took a little while," Mr Buffett said.
The value of the all-cash deal for the 78-location chain of dealerships was not disclosed, but Buffett put Van Tuyl's annual sales at $9 billion, making it the fifth biggest US dealership overall.
Larry Van Tuyl, the head of the 62-year-old family business, will become chairman of the unit under Berkshire and Van Tuyl chief operating officer Jeffrey Rachor will be the chief executive.
Larry Van Tuyl predicted annual sales of cars would rise from the current 16.4 million units annually to 18-19 million in the next three or four years, since many US consumers have yet to replace long-used vehicles in the slowly-recovering economy.
Copyright: Thomson Reuters 2014
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
