Property and Equipment

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment, net consists of the following:

	March 31, 2020		December 31, 2019
	(In thousands)
Land	$	373,963	$	373,301
Building and improvements	976,904		969,609
Furniture, fixtures and equipment	352,574		346,260
Construction in progress	53,214		50,928
Total, at cost	1,756,655		1,740,098
Less accumulated depreciation	(638,030)		(616,611)
Subtotal	1,118,625		1,123,487
Less assets held for sale (1)	(26,240)		(26,240)
Property and equipment, net	$	1,092,385	$	1,097,247

(1)Classified in other current assets in the accompanying unaudited condensed consolidated balance sheets.

In the three months ended March 31, 2020 and 2019, capital expenditures were approximately $19.8 million and $30.6 million, respectively. Capital expenditures in all periods were primarily related to real estate acquisitions, construction of new franchised dealerships and EchoPark stores, building improvements and equipment purchased for use in our franchised dealerships and EchoPark stores. Assets held for sale as of March 31, 2020 and December 31, 2019 consists of real property not currently used in operations that we expect to dispose of in the next 12 months.

There were no fixed asset impairment charges for the three months ended March 31, 2020. Impairment charges for the three months ended March 31, 2019, were approximately $2.0 million, related to fair value adjustments of real estate at former EchoPark locations classified as held for sale.