Warren Buffett, CEO of Berkshire Hathaway, and his new partner, Larry Van Tuyl of the former Van Tuyl Group, talked about Buffet's recent acquisition of the privately held auto dealership group.

The recent acquisition by Buffet made him the fourth-biggest auto dealer in the United States.

Becky Quick, CNBC, Squawk Box' co-host, even moderated an audience question and answer. She even asked some questions of her own.

Quick steered Buffet into other, far-ranging topics, from fiscal policy to the proliferation of nuclear weapons.

Quick asked Buffet when the plan of entering into the car business came to his mind. In a sarcastic reply, Buffet said he wish about owing everything.

"I've subscribed to Automotive News since I was in my teens . It was the right time (to buy the Van Tuyl Group), the right company, and the right price. It was very easy to agree on a deal", he said.

Buffett said he's not worried his interest in auto dealerships will drive up asking prices to acquire more dealerships.

One can look at operations and in most of the cases one can guess within 5 % to 10% what a dealership is actually going to be. And whether one buys it or not is an entirely different question, he said.

Buffett, 84, reiterated that he invests for the long haul. He affirmed that he would not be paying more in a 17 million year in the US auto sales than in a 10 million year. He further said that he did not buy for a year, or a month, or a day's worth of earnings.

Buffett said he doesn't micromanage, he has rather let Van Tuyl Group management keep running the new Berkshire Hathaway Automotive.