US based multinational Berkshire Hathaway has completed the acquisition of Van Tuyl Group, a privately-held auto dealership chain.
Following the deal, billionaire Warren Buffett owned company will create of Berkshire Hathaway Automotive with headquarter in Dallas, Texas.
The company announced that Larry Van Tuyl will be the chairman of the Board of Berkshire Hathaway Automotive, and Van Tuyl Group president Jeffrey C. Rachor will become the CEO of the newly created company.
All the existing managing partner has also agreed to stay on with Berkshire Hathaway Automotive and serve as equity partners in their respective dealerships.
Van Tuyl Group has $9bn in annual revenue.
Van Tuyl said: "Berkshire Hathaway's acquisition of the Van Tuyl Group has been embraced by all internal and external stakeholders.
"I want to take this opportunity to thank our manufacturer partners for their universal support and approval of the transfer of their franchises."
Buffett said, "This is the beginning of a journey that will have no end.
"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."