Soros could follow Buffett with auto dealership acquisitions
Soros is reportedly already in talks with several dealer bodies to purchase one of them and is allegedly looking to spend around $1 billion on the investment. The company has also been researching the industry for at least the past seven months, according to an unnamed source speaking to Automotive News.
However, the biggest hint of Soros' intentions came when one of the fund's representatives spoke about the potential investment during a private dinner timed with the National Automobile Dealers Association convention. Two unnamed sources who were there confirmed to Automotive News that the company was trying to sell dealers on the possible offer during the meal. Much like Buffett's arrangement with Van Tuyl, Soros doesn't want total control over day-to-day activities but instead come in more as a partner. "They want current management to stay in place because they don't know how to run car dealerships," said one of the anonymous people there to Automotive News.
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