Four Gwinnett auto dealerships soon will be under new ownership.
Berkshire Hathaway Inc., the investment company founded by billionaire Warren Buffett, announced Thursday it will acquire Van Tuyl Group, the nation’s largest privately-owned auto dealership group.
Financial terms were not disclosed.
Van Tuyl’s dealerships include Gwinnett Place Ford and Gwinnett Place Lincoln on Satellite Boulevard in Duluth, Gwinnett Place Nissan on Satellite Boulevard in Duluth and Mall of Georgia Ford on Nelson Brogdon Boulevard in Buford.
Van Tuyl, which had $8 billion in revenues last year, has 78 independently operated dealerships with over 100 franchises in 10 states.
The company will become Berkshire Hathaway Automotive after the deal is completed, which is expected in the first quarter of 2015. In an interview with CNBC, Buffett said, ""This is just the beginning for Berkshire Hathaway Automotive," according to an Associated Press report.
The same report said current Van Tuyl Chief Executive Officer Larry Van Tuyl, who will become chairman of the new company, will scout out dealerships for potential acquisitions and Berkshire Hathaway will fund the deals.
Berkshire Hathaway also has been expanding its HomeServices of America real estate brokerage operation and has acquired several Georgia real estate companies, including Harry Norman Realtors, Prudential Georgia Realty and Prudential Southeast Coastal Properties.
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