Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following:
September 30, 2018  December 31, 2017 
(In thousands) 
Land  $ 385,814  $ 370,828 
Building and improvements  984,214  893,768 
Software and computer equipment  127,515  147,812 
Parts and service equipment  108,281  105,123 
Office equipment and fixtures  94,942  96,066 
Company vehicles  9,144  9,723 
Construction in progress  74,576  54,429 
Total, at cost  1,784,486  1,677,749 
Less accumulated depreciation  (567,559) (527,379)
Subtotal  1,216,927  1,150,370 
Less assets held for sale (1)  (9,664) (3,489)
Property and equipment, net  $ 1,207,263  $ 1,146,881 
(1)  Classified in other current assets in the accompanying condensed consolidated balance sheets.
In the three and nine months ended September 30, 2018, capital expenditures were approximately $34.3 million and $133.9 million, respectively, and in the three and nine months ended September 30, 2017, capital expenditures were approximately $60.7 million and $181.9 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 September 30, 2018 consists of real property not being used in operations that we expect to dispose of in the next 12 months.
There were no impairment charges for the three months ended September 30, 2018. Impairment charges for the nine months ended September 30, 2018 were approximately $14.0 million, which include the write-off of certain costs associated with internally developed software as well as the write-off of capitalized costs associated with the abandonment of certain construction projects. Impairment charges for the three and nine months ended September 30, 2017 were approximately $0.2 million and $3.3 million, respectively, which include the write-off of goodwill and property and equipment related to the closure of two pre-owned stores that were purchased in 2016 as well as the write-off of capitalized costs associated with the abandonment of certain construction projects.