Buffett's strikes good deal with car business: 'The Profit' star

'The Profit' star on Buffett's auto bet

Legendary investor Warren Buffett's purchase of the nation's largest privately held car dealership chain is a great opportunity to get into a strong business, "The Profit" host Marcus Lemonis told CNBC Thursday.

Buffett announced on CNBC Thursday that Berkshire Hathaway is buying Van Tuyl Group, which Lemonis called "one of the best operators out there."

"Warren ... knows that the automobile business has really turned into a digital play with great execution at the store level," Lemonis said in an interview with "Power Lunch."

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Buffett said he expects to use the agreement as a vehicle to buy other dealerships. The new company will be renamed Berkshire Hathaway Automotive, but will still be run by Larry Van Tuyl, who will become the chairman.

Warren Buffett
Adam Jeffery | CNBC

Lemonis, CEO of Camping World, said consolidation in the auto business is happening because a number of manufacturers have been eliminated and because the consumer wants to buy a car in a more professional environment these days.

"Large consolidators can provide not only a great experience but the access to more inventory. It allows for dealers to carry maybe 10 or 15 percent less inventory when they're part of a consolidation because they can access stores that are 10, 20, 100 miles away," he said.

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Scott Adams, president of Adams Auto Group, also had high praise for Buffett's newest acquisition.

"The Van Tuyl organization knows how to sell cars, knows how to make money. I believe that it's going to be something that he's going to make a lot of money on because he's into predictable," Adams said in an interview with "Street Signs."

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The industry itself is also in the middle of a growth spurt, said Tammy Davrish, vice president of Darcars Automotive Group.

Until U.S. auto sales hit 17.5 million a year or higher, "we won't have begun to see the downturn of our industry."

Auto sales in the U.S. were 15.6 million in 2013.