Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Jun. 30, 2013
Property and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment consists of the following:

 

                 
(In thousands)   June 30, 2013     December 31, 2012  

Land

   $ 161,731     $ 142,730  

Building and improvements

     516,450       476,846  

Office equipment and fixtures

     122,986       115,509  

Parts and service equipment

     66,621       62,678  

Company vehicles

     8,062       7,750  

Construction in progress

     58,167       39,139  
   

 

 

    

 

 

  

Total, at cost

     934,017       844,652  

Less accumulated depreciation

     (274,097 )      (249,528 ) 
   

 

 

    

 

 

  

Property and equipment, net

   $ 659,920     $ 595,124  
   

 

 

    

 

 

  

In the second quarter and six-month periods ended June 30, 2013, capital expenditures were approximately $29.8 million and $89.1 million, respectively, and for the second quarter and six-month periods ended June 30, 2012, capital expenditures were approximately $22.5 million and $34.5 million, respectively. Capital expenditures were primarily related to real estate acquisitions, construction of new dealerships, building improvements and equipment purchased for use in Sonic’s dealerships.