Warren Buffett now is officially a dealer, and according to the famous investor whose net worth tops $70 billion, “the fun has just started.”

Buffett’s famed company, Berkshire Hathaway, on Tuesday completed its acquisition of the Van Tuyl Group, the largest privately held dealership group in the United States. The company claimed this historic transaction, which first was announced in October, is the largest in the retail automotive industry's history.

The company has been renamed Berkshire Hathaway Automotive and is headquartered in Dallas.

Larry Van Tuyl will serve as chairman of the board of the new company. Jeffrey Rachor, formerly Van Tuyl Group's president, will be chief executive officer of the enterprise.

Buffett explained the cornerstone of the Van Tuyl business model is local entrepreneurial dealership managers with minority ownership stakes. He indicated every managing partner has enthusiastically committed to stay on with Berkshire Hathaway Automotive, and they will remain equity partners in their respective dealerships.

“This is the beginning of a journey that will have no end,” Buffett said. “Cecil and Larry have given us the ideal platform with which to build an auto dealership business that will be thriving and growing 50 and 100 years from now.”

 Larry Van Tuyl shared some details about how this transaction unfolded.

“Mr. Buffett and I made this deal on a handshake and it is no surprise that completing the transaction went smoothly and according to plan,” Van Tuyl said. “Berkshire Hathaway’s acquisition of the Van Tuyl Group has been embraced by all internal and external stakeholders.

“I want to take this opportunity to thank our manufacturer partners for their universal support and approval of the transfer of their franchises,” he continued. “Warren Buffett and Berkshire Hathaway are the perfect owners of this business. My father Cecil, the original founder of the Van Tuyl Group, would be very proud today."

Now as Berkshire Hathaway Automotive CEO, Rachor added, "Our partners and 10,000 plus associates are extremely proud and excited about the bright future as Berkshire Hathaway Automotive. We are all grateful that Mr. Van Tuyl found the ideal buyer to preserve the Van Tuyl business model and our unique entrepreneurial culture.

“The organization will continue to execute our simple strategy of operational excellence and sensible growth through acquisitions,” Rachor went on to say.