Oracle of Omaha Says Don’t Lose Any Sleep Over Autonomous Trucks
If you’ve been reading the latest news about autonomous trucks, Warren Buffett doesn’t think you should lose any sleep over the self-driving rigs. In fact, the Oracle of Omaha is counting on you and a great many others to pilot your trucks and to keep a good portion of America’s freight movin’ for some time to come. And to stop at a Pilot Flying J truckstop to fuel up yourself and your truck.
That’s because his company, Berkshire-Hathaway, is buying a big stake—about 38 percent—in Pilot Travel Centers LLC, better known as Pilot Flying J, the industry’s largest operator of truck stops in North America – http://www.ttnews.com/articles/berkshire-hathaway-buys-386-pilot-flying-j. And by 2023, Berskshire Hathaway will own 80 percent of the company. The Haslam family, who owns the company now, will continue to hold the majority of Pilot Flying J for the next six years, with Cleveland Browns owner Jimmy Haslam remaining as chief executive officer of the company. Jimmy’s father—Jim Haslam started the company in 1958 when he bought his first gas station in Gate City, Virginia.
Pilot Flying J generates annual revenue of more than $20 billion and is the 15th largest private company in the United States, according to Forbes. With 27,000 employees and 750 locations in 44 states and Canada, Pilot Flying J offers drivers more than 70,000 parking spaces and 5,000 diesel lanes.