Car dealerships have created vast personal wealth for countless American families. And now, with help from Warren Buffett, the fleet of billionaire car dealers could expand even more.
Buffett's Berkshire Hathaway said Thursday that it's buying Van Tuyl Group, the largest privately owned auto group in the U.S. with around $9 billion in sales. The price was not disclosed but it's likely to make the Van Tuyl family official billionaires. And Buffett said he plans to use Van Tuyl as a vehicle to buy up other private dealerships for cash.
"I fully expect we'll buy a lot more dealerships over time," Buffett said on CNBC's "Squawk Box."