Buffett Agrees to Buy Giant U.S. Dealership Network

Investor Warren Buffett's Berkshire Hathaway Inc. is acquiring Van Tuyl Group, America's largest privately owned car dealership group. Terms were not disclosed.

Van Tuyl owns more than 100 franchises, generates some $8 billion in annual revenue and has a market capitalization of roughly $3 billion, according to Bloomberg News.

The network, which operates in Arizona, California, Florida and Texas, will be renamed Berkshire Hathaway Automotive. Buffett tells CNBC television he expects to buy "a lot more" dealerships. Dealership brokers predicts the expansion will continue Van Tuyl's strategy of focusing on large-volume outlets in the Sun Belt.