Berkshire Hathaway buying auto dealership company Van Tuyl Group; terms not disclosed

Warren Buffett's Berkshire Hathaway is buying the privately-owned auto dealership company Van Tuyl Group.

Financial terms were not disclosed.

Van Tuyl Group says it is the biggest privately owned auto dealership group in the U.S. It has 78 independently operated dealerships and more than 100 franchises in 10 states. The company will be renamed Berkshire Hathaway Automotive and be based in Dallas.

Current CEO Larry Van Tuyl will become chairman of the auto unit. Cecil Van Tuyl, Larry's father, started with a Kansas City Chevrolet dealership in 1955. He was joined in the family business by Larry in 1971, according to the company's website.

The deal is expected to close in 2015's first quarter. It still needs approval from major auto manufacturers.