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Buffett to Buy Van Tuyl, Create Berkshire Auto Unit

Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Van Tuyl Group, the largest privately owned U.S. auto dealer, in a bet that the industry will consolidate.

The business will be renamed Berkshire Hathaway Automotive and continue to be run by Larry Van Tuyl, Omaha, Nebraska-based Berkshire said today in a statement that didn’t disclose terms. The target company has more than $8 billion of revenue.