Berkshire Hathaway Automotive is Officially Launched
OMAHA, NE and DALLAS, TX - March 10, 2015 - Berkshire Hathaway Inc. (NYSE:BRK.A and BRK.B) has completed its acquisition of the Van Tuyl Group, the largest privately held dealership group in the United States. This historic transaction, which was announced in October, is the largest in the retail automotive industry's history.
The company has been renamed Berkshire Hathaway Automotive and is headquartered in Dallas, Texas. Larry Van Tuyl will serve as Chairman of the Board of the new company. Jeffrey C. Rachor, formerly Van Tuyl Group's President, will be Chief Executive Officer of the enterprise. The cornerstone of the Van Tuyl business model is local entrepreneurial dealership managers with minority ownership stakes. Every Managing Partner has enthusiastically committed to stay on with Berkshire Hathaway Automotive and they will remain equity partners in their respective dealerships.
"This is the beginning of a journey that will have no end," stated Mr. Buffett. "Cecil and Larry have given us the ideal platform with which to build an auto dealership business that will be thriving and growing 50 and 100 years from now. The fun has just started."