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Inside this issue
Buffett Says 'Fun Has Just Started' for Auto Sales at Berkshire
GM Directors Should Face Ignition Switch Claims, Judge is Told
China's Auto Sales Growth Decelerates in February
Hyundai to Expand U.S. Plant Capacity to Build More SUVs, Reports Say
Video: 100 Hot New Cars at the Geneva Auto Show
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Buffett Says 'Fun Has Just Started' for Auto Sales at Berkshire

Billionaire Warren Buffett said the “fun has just started” in the auto-sales business after his Berkshire Hathaway Inc. purchased Van Tuyl Group, the largest closely held U.S. car dealership group. “This is the beginning of a journey that will have no end,” Buffett said Tuesday in a statement announcing the completion of the transaction. The deal gives Omaha, Nebraska-based Berkshire “the ideal platform with which to build an auto dealership business that will be thriving and growing 50 and 100 years from now.”

Berkshire announced an agreement in October to buy Van Tuyl, which consists of 81 dealerships in 10 states including Texas, California and Florida. The business will be based in Dallas and renamed Berkshire Hathaway Automotive. Buffett, the 84-year-old chairman and chief executive officer of Berkshire, has said auto sales have rebounded faster than he expected from the financial crisis and that he intends to add more dealerships. 
Source: Bloomberg

Editor's note: Warren Buffett and Larry Van Tuyl will participate in a panel session during the 2015 NADA/J.D. Power Automotive Forum in New York City on March 31. The session will be moderated by CNBC's Becky Quick.
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GM Directors Should Face Ignition Switch Claims, Judge is Told

General Motors investors urged a judge to let their lawsuit proceed against the automaker’s board that they say was asleep at the switch while the company produced cars with faulty ignition systems that led to fatal accidents. More than a dozen current and former GM directors failed to adequately oversee the company’s operations for about three years starting in 2010 and had no system to ensure the company produced safe vehicles or reported problems to government regulators, Peter Safirstein, a lawyer for pension funds suing GM, told a Delaware judge Tuesday.
Source: Bloomberg
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China's Auto Sales Growth Decelerates in February

China’s auto sales growth decelerated in February despite a near doubling in purchases of Chinese-made SUVs, an industry group reported Tuesday. Sales in world’s biggest auto market rose 6.4 percent to 1.4 million vehicles, according to the China Association of Automobile Manufacturers. That was down from January’s 10.3 percent expansion. Demand for autos has weakened as China’s economic growth cooled to a two-decade low last year of 7.4 percent. February sales also were depressed by the Lunar New Year holiday, when many businesses close for up to two weeks. For the combined two-month period of January and February, passenger vehicle sales rose 8.7 percent from a year earlier to 3.4 million units.
Source: Associated Press
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Hyundai to Expand U.S. Plant Capacity to Build More SUVs, Reports Say

Hyundai Motor Co. plans to expand its U.S. factory, three people familiar with the matter said, hoping to ramp up production of SUVs as lower oil prices boost demand for trucks. Sales of the South Korean automaker's sedans such as the Elantra and Sonata are slowing in the U.S. as consumers take advantage of lower fuel prices to switch to bigger, less fuel-efficient SUVs and crossovers. "It's a new assembly line right next to the current Alabama line. State of Alabama is negotiating final terms," one of the sources said, referring to the company's planned new production facility. A Hyundai spokesman said there were "no plans at this stage" to increase capacity in the United States.
Source: Reuters
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Video: 100 Hot New Cars at the Geneva Auto Show

Exotic, exclusive and expensive are all words sure to be heard in abundance at this year’s Geneva International Motor Show, as the biggest names in automotive excellence show off their latest and classic machines. Here's a look at 100 of the hottest cars on display at the show, which runs from March 5-15.
Source: Bloomberg Business
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More Articles
 
Quotable

"This is the beginning of a journey that will have no end. [This deal is] the ideal platform with which to build an auto dealership business that will be thriving and growing 50 and 100 years from now."

   
-- Warren Buffett, commenting on Berkshire Hathaway Inc. completing the purchase of Van Tuyl Group, Bloomberg, March 10

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