Warren Buffett appeared on CNBC to discuss Berkshire Hathaway’s acquisition of Van Tuyl Group, the largest privately-owned auto dealership in the U.S. CEO Larry Van Tuyl described how his father founded the business 62 years ago with the aim of advancing its employees from within and enabling them to become minority shareholders.
“We’re all about planes, trains and automobiles now, ” chuckled Buffett, referring also to his acquisition a few years ago of railroad company Burlington Northern. When asked why he decided to buy Van Tuyl, Buffett discussed meeting the CEO a few years ago, and then becoming aware that the company is a “good operation, ” with diversification in the insurance business and $9 billion in sales from 78 dealerships. Van Tuyl is a well-run company that “needed a good home.”
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