"If you want a big elephant, there's a 100 million shares of AutoNation" with a market value of more than $5 billion, Gabelli told CNBC's "Squawk Box" in a wide-ranging interview from Omaha, Nebraska, a day before Saturday's Berkshire shareholders meeting.
In 2015, Berkshire completed its acquisition of Van Tuyl Group, which at the time was the nation's largest privately held car dealership chain. The new company was renamed Berkshire Hathaway Automotive.
When the deal was announced in 2014, AutoNation Chairman and CEO Mike Jackson emailed CNBC to say congratulations to Buffett. Jackson wrote: "Welcome to the retail auto business."