Warren Buffett Enters The Auto Business

Berkshire Hathaway (NYSE: BRK-B), the conglomerate run by Warren Buffett, has decided to go into the automobile dealership business, acquiring privately held Van Tuyl for an undisclosed amount.

Van Tuyl is the fifth largest auto retailer in the United States, with sales approaching 250,000 vehicles per year. It has 75 dealerships with more than $8 billion in annual sales.

The new group will be called Berkshire Hathaway Automotive.