Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
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.