Billionaire philanthropist and investor George Soros might be taking a page from the investment book of Warren Buffett and may be contemplating an investment in the auto sector, according to autonews.com Warren Buffett made a move to buy the Van Tuyl group, which is rated number 5 on the Automotive News list of top U.S. dealerships. Soros Fund Management is reportedly looking to invest in autos, according to four sources familiar with the situation.
Members of Soros Fund Management are attending the National Automobile Dealers Association, which should have scores of representatives from the industry. Sources say transactions have been proposed but no deal has been made yet. Soros Fund representative, Vipul Tandon, did not comment, but he is expected to speak at a dinner hosted by Bel Air Partners, which should have 40 dealers in attendance. A source said Soros likes the idea of investing in autos because he needs a business that generates ample cash, “These are multi-billion dollar players who want a cash return to support their charitable endeavors and they want to diversify their investments.”
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The 84 year old Holocaust survivor from Hungary has been known to fund progressive causes and supported economic reforms in Eastern bloc countries. Soros has already invested Chinese automaker Chery and has bought a stake in Ford.