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Warren Buffett's Berkshire Hathaway Inc.

agreed to buy Van Tuyl Group, the largest privately owned U.S. auto dealership group.

The business, with 75 dealerships at the end of last year, will be renamed Berkshire Hathaway Automotive and will continue to be run by Larry Van Tuyl, Berkshire said today in a statement.

In an interview with CNBC, Buffett said the acquisition would be in the form of an all-cash deal. Terms weren't disclosed.

"I fully expect we'll buy a lot more dealerships over time," Buffett said.



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