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# Warren Buffett and Berkshire Hathaway Enter the Car Business

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<!-- video src="https://cdn.jwplayer.com/manifests/ExuOBCRx.m3u8" -->
## Video: Warren Buffett and Berkshire Hathaway Enter the Car Business

[Watch (HLS stream): Warren Buffett and Berkshire Hathaway Enter the Car Business](https://cdn.jwplayer.com/manifests/ExuOBCRx.m3u8) (1:25)

![Warren Buffett and Berkshire Hathaway Enter the Car Business](https://cdn.jwplayer.com/v2/media/ExuOBCRx/poster.jpg?width=720)

_Published 2014-10-02. Warren Buffett has announced the buyout of Van Tuyl Auto Group, the 5th largest dealership in the country and the largest privately owned dealership._


---

Jul 27, 2023 5:20 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Warren Buffett Makes Largest Berkshire Hathaway Purchase](/video/bImANbnD/)

### Warren Buffett Makes Largest Berkshire Hathaway Purchase

[Warren Buffett Makes Plans To Expand Berkshire Hathaway Brand](/video/rXUjsRfC/)

### Warren Buffett Makes Plans To Expand Berkshire Hathaway Brand

[Warren Buffett Buys a Caddy](/video/nJwX1aVU/)

### Warren Buffett Buys a Caddy

---


## Transcript

The $ 67 billion man, Warren Buffet has joined the car business in a major way, expanding his already remarkably successful Berkshire Hathaway conglomerate to include the Vance Tuyl Auto Group. It would be on the Fortune 500 all by itself. So when we get this done, we will now own. Nine and a half companies that would be on the Fortune 500 if individual companies, so that leaves us only 490 and a half to go. Buffett made the announcement Thursday morning. Second richest man in the world boasting his Berkshire conglomerate is now planes, trains and automobiles. The Van Tuyl Group is the fifth largest dealership in the country, with 78 dealerships and more than 100 franchises.

Operating heavily throughout the West and Midwest. The Van Tuyl Group brought in almost $ 8 billion in revenue last year, trailing the number one dealership in the country Auto Nation by about $ 9 billion. Though Buffett quipped, that placement is temporary. Buffett did not disclose the parameters of the deal, only saying it's an all cash buyout. Fortune did, however, make an educated guess. The deal may be gleaned by referring to AutoNation's total market value, which is about $ 6 billion, or just over one- third of its 2013 revenue. If Berkshire is paying a like price for Van Tuyl, the money changing hands would approach $ 3 billion.

The deal still has to be approved by auto regulators. But, Buffet says he expects for it close on the first quarter of next year.

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