Berkshire Hathaway Automotive saw lower first-quarter revenue and vehicle sales as the operating businesses of Warren Buffett's larger Berkshire Hathaway Inc. began to feel significant impacts from the coronavirus pandemic in March.
The dealership group, based in Irving, Texas, is one of the largest in the country with more than 80 stores in 10 states.
The auto group's revenues dropped 0.9 percent for the quarter, as new and used sales declined 1.5 percent, according to a regulatory filing. But the group's pre-tax earnings rose 3.6 percent, aided by increased finance and insurance contracts and lower floorplan interest expense.
The company's service and parts departments remained open during the pandemic, but some showrooms were partially closed by state stay-at-home orders.
Berkshire Hathaway, in the filing, said the coronavirus was expected to adversely affect most of its businesses in the second quarter.
The dealership group said on its website it is taking extra steps to keep employees and customers safe. It continues to offer vehicle pickup and delivery service, has implemented thorough daily cleanings and sanitizing stations and has adjusted schedules and operations for some staff "to ensure that we stay well and can continue serving our customers efficiently."
