BUFFETT: And that is happening throughout America. It happens in different places at different times. It hasn't happened in homes yet because there was a bigger surplus to clean out. But in the case of cars, you can postpone it a day or a week or a month buying it, but scrappage rates count over time.
BUFFETT: And there is a normal number of cars on the road for a given population in a place like the United States, and we fell below that for a while and now we're coming back, and we're going to keep coming back.
BECKY: Somebody just wrote in, wanted to know if you'd be interested in buying Auto Nation.
BUFFETT: Well, it's a good business.
BUFFETT: It's a good business.
BECKY: All right. Warren's going be with us again for the rest of the program. We've got a lot more to talk about and a lot more of your questions to get to. Our conversation is just getting started this morning. More on the economy, politics and the best investment bets right now. Again, much more from Warren Buffett, Squawk Box will be right back.
CARL: Welcome back to Squawk here on CNBC. I'm Carl Quintanilla along with Joe Kernen; Becky Quick this morning is at the Durham Museum in Omaha, Nebraska, with the Oracle of Omaha, Warren Buffett, who's with us for the entire show. We've already gotten one hour down, Joseph. You look like you've learned a lot already.
JOE: Yes. I've learned a lot and I've got— and I'm...
CARL: Your elephant gun is loaded with questions still.
JOE: Yeah. Yeah, it...
CARL: And your— and your...
JOE: Or do I just like you? I— and I'm craving more— I have more questions...
JOE: ...and I'm craving more answers.
CARL: We've gotten a lot so far.
CARL: We'll get to Becky and Warren in just a minute.
CARL: Want to get back to Omaha, where Becky is this morning, fielding questions not just from herself and Joe and me, but from viewers. How many— how many questions do you think, Becky, we've gotten total?
BECKY: Oh, thousands of them at this point, and I know they're still coming in fast and furious this morning. We're trying to go through those ones this morning as they're coming in. But we got some really thoughtful questions. This is the fourth year in a row that we've sat down with the Oracle of Omaha and talked to him about that annual letter just after it's come out. This time, though, we did it a little differently. We're here on a Wednesday instead of a Monday. And, Warren, that actually gave the shareholders and the viewers a lot more time to go through this letter and come up with some pretty thoughtful questions. So we want to work in as many of these as we can today.