Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.0.8
Property and Equipment
 9 Months Ended
Sep. 30, 2013
Property Plant And Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment consists of the following:

 

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

Land

    $ 185,371      $ 142,730   

Building and improvements

      541,026        476,846   

Office equipment and fixtures

      128,525        115,509   

Parts and service equipment

      69,325        62,678   

Company vehicles

      8,159        7,750   

Construction in progress

      55,102        39,139   
  

 

 

    

 

 

  

Total, at cost

      987,508        844,652   

Less accumulated depreciation

      (286,535 )      (249,528 ) 
  

 

 

    

 

 

  

Property and equipment, net

    $ 700,973      $ 595,124   
  

 

 

    

 

 

  

In the third quarter and nine-month periods ended September 30, 2013, capital expenditures were approximately $38.4 million and $127.5 million, respectively, and for the third quarter and nine-month periods ended September 30, 2012, capital expenditures were approximately $20.7 million and $55.2 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. In conjunction with the purchase of dealerships in the third quarter ended September 30, 2013, Sonic acquired approximately $18.8 million in real estate, property and equipment.