Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.0.8
Property and Equipment
 9 Months Ended
Sep. 30, 2014
Property Plant And Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment, net consists of the following:

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

 

December 31, 2013

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

212,945

 

 

$

194,639

 

 

 

Building and improvements

 

 

573,329

 

 

 

569,619

 

 

 

Office equipment and fixtures

 

 

138,887

 

 

 

135,221

 

 

 

Parts and service equipment

 

 

72,614

 

 

 

70,950

 

 

 

Company vehicles

 

 

7,986

 

 

 

8,002

 

 

 

Construction in progress

 

 

71,125

 

 

 

27,716

 

 

 

       Total, at cost

 

 

1,076,886

 

 

 

1,006,147

 

 

 

Less accumulated depreciation

 

 

(328,635

)

 

 

(300,035

)

 

 

Subtotal

 

 

748,251

 

 

 

706,112

 

 

 

Less assets held for sale

 

 

(6,170

)

 

 

(4,101

)

 

 

       Property and equipment, net

 

$

742,081

 

 

$

702,011

 

 

 

 

 

 

 

 

 

 

 

 

 

In the third quarter and nine-month periods ended September 30, 2014, capital expenditures were approximately $41.3 million and $89.9 million, respectively, and in the third quarter and nine-month periods ended September 30, 2013, capital expenditures were approximately $38.4 million and $127.5 million, respectively. Capital expenditures in both periods were primarily related to real estate acquisitions, construction of new dealerships and EchoPark® stores (stand-alone pre-owned stores), building improvements and equipment purchased for use in Sonic’s dealerships and EchoPark® stores.