If one needs proof of the value that auto dealerships can potentially bring to the business community at large, just look at the announcement coming out of Berkshire Hathaway on Thursday — and the reaction it got from one of the top leaders of the remarketing business.

Berkshire Hathaway — headed by one of the business world’s most recognizable figures, Warren Buffett — has agreed to purchase the Van Tuyl Group, the largest privately owned dealership group in the U.S.

“This acquisition shows the value and importance of dealerships such as the Van Tuyl Group in the automotive ecosystems,” Cox Automotive president Sandy Schwartz said in comments provided to Auto Remarketing.

“As we continue to innovate and find more effective and efficient ways to further our industry and serve our customers, it's exciting to have a leader like Warren Buffett be a part of the automotive community,” he added.

Officials are targeting a first quarter completion of the transaction, which is subject to a variety of stipulations, including approvals from the major auto OEMs and certain customary closing conditions like regulatory approvals.

Once Van Tuyl Group officially becomes part of Berkshire Hathaway’s operations, it will be renamed Berkshire Hathaway Automotive. Larry Van Tuyl — who will become chairman — and Jeff Rachor, who will take on chief executive officer, will continue to lead the dealership group along with their senior management team.

Headquarters for Berkshire Hathaway Automotive will be in Dallas.

”The Van Tuyl Group fits perfectly into Berkshire Hathaway from both a financial and cultural viewpoint. Larry Van Tuyl along with his father, Cecil, spent decades building outstanding dealerships operated by local partners,” said Buffett, Berkshire Hathaway’s chairman and CEO.

“In recent years, he has shared management with Jeff Rachor, a seasoned auto retailer who will retain a financial interest in all dealerships. The Van Tuyl Group enjoys excellent relations with the major auto manufacturers and delivers unusually high volumes at its 78 locations. This is just the beginning for Berkshire Hathaway Automotive,” he continued.

Larry Van Tuyl added: “We are proud of all that has been accomplished with the support of our dealer partners, our employees and the manufacturers that we represent. We are very pleased to have one of the world’s most respected companies, Berkshire Hathaway, assume ownership of our company with the commitment to preserving our unique culture, business model and philosophy.

 “I cannot think of a better steward to continue the legacy of what my father and I have built over the last 62 years, and I am confident this transaction will position the company on a course of continued success.”

The news of this coming sale follows a first half that showed dealership acquisitions on the rise.