Everybody loves wealth and most of the people work hard all their lives to grab maximum of it, but only some manage to succeed. Warren Buffet is one of them. He is one of the biggest investors on this planet and most probably the wealthiest man as well. He is the person who if touches sand, it turns into gold. And this time he has touched automobile industry.
Warren Buffet has recently taken over Van Tuyl Group, fifth-largest auto dealership in America with $9 billion in sales. After the takeover, the investor has already started making changes in the automobile company, initiating from its Berkshire Hathaway Automotive, after the name of its empire, Berkshire Hathaway.
But still, some of the old people will remain in their respective positions; for example, Larry Van Tuyl will continue to enjoy the chairmanship and presidency, whereas Jeff Rachor will keep working as a CEO.
Buffet is in no mood to stop at this. Talking to CNBC, he said, “I fully expect we’ll buy a lot more auto dealerships over time,”. On the other hand, when the news of acquisition spread, shares of prominent auto retailers like AutoNation and Penske Automotive Group and many more suddenly jumped up.