Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.0.8
Property and Equipment
 3 Months Ended
Mar. 31, 2014
Property Plant And Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment consists of the following:

 

     March 31, 2014     December 31, 2013  
     (In thousands)  

Land

    $ 199,826      $ 194,639   

Building and improvements

      571,560        569,619   

Office equipment and fixtures

      137,451        135,221   

Parts and service equipment

      72,973        70,950   

Company vehicles

      8,203        8,002   

Construction in progress

      32,718        27,716   
  

 

 

    

 

 

  

Total, at cost

      1,022,731        1,006,147   

Less accumulated depreciation

      (313,425 )      (300,035 ) 
  

 

 

    

 

 

  

Subtotal

      709,306        706,112   

Less assets held for sale

      (8,165 )      (4,101 ) 
  

 

 

    

 

 

  

Property and equipment, net

    $ 701,141      $ 702,011   
  

 

 

    

 

 

  

In the first quarters ended March 31, 2014 and 2013, capital expenditures were approximately $21.5 million and $59.3 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.