At the 2015 NADA & J.D. Power Automotive Forum held before the New York International Auto Show, Investment mogul Warren Buffett―who seems to own a piece of everything― answered several questions before a packed hotel ballroom.

According to the business mogul, “[Automobile Dealerships] can be a good and very profitable business.” Buffett went on to suggest that over the course of the next few years there will be several more acquisitions by his company Berkshire Hathaway, but there are no plans to expand outside of the U.S. anytime soon.

“The Oracle,” as he is commonly known, touched on numerous topics during his fireside chat, ranging from consumer credit to self-driving cars, which we’ll summarize below:

  • Buffett was extremely optimistic about the strength of the automotive industry, and even if the Federal Reserve bumps up rates, Buffett’s sentiment toward expanding would not change. Buffett reaffirmed that when Berkshire Hathaway buys, “We buy forever.” Any purchases will be made with a long-term outlook, so he is not worried about inflated prices from strong sales this year.
  • Mr. Buffet believes in and supports the automotive dealer system. He does not think Tesla’s direct sales model is a threat to conventional dealerships. Without a lot of Tesla sales volume, there is nothing to worry about. Tesla’s are expensive luxury models and a small niche piece of the total market. “I would doubt if it picks up much steam,” Buffett said of Tesla’s sales model. “What Tesla does with it, we’ll find out, but I do not see the distribution system changing in any major way,” he said.
  • Self-driving cars will not be around anytime soon in The Oracle’s opinion. He expects less than 10% of total sales by 2030 to be self-driving vehicles. Buffett also gave an example where a self-driving car is coming down the road and a child runs out in front; another car’s is also coming down the street in the opposite direction.. “Do you hit the kid, or the other car? The computer makes the decision,” he said. Clearly, his remark points out there are a lot of legal and technological barriers to self-driving cars becoming ubiquitous.

The billionaire’s sentiment was overall very positive, however he emphasized that if he were at the Federal Reserve, he “wouldn’t do much.” Buffett said “Things are working pretty well and I would be worried that if I raised rates significantly with negative interest rates in Europe…I would be very worried about what that would do to the flow of funds.” If the Fed did decide to significantly hike rates, he stated it “would throw a big monkey wrench into things.” Buffett thinks there is still a lot of work to do to get the economy back on track, but that’s not going to keep him from investing for the future.