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Property and Equipment | 6 Months Ended
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Jun. 30, 2019
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment, net consists of the following:
| June 30, 2019 |  | December 31, 2018
| (In thousands) |  |
Land | $ | 382,349 |  | $ | 381,527
Building and improvements (1) | 994,101 |  | 989,872
Software and computer equipment | 97,258 |  | 116,348
Parts and service equipment | 119,895 |  | 108,040
Office equipment and fixtures | 107,392 |  | 96,622
Company vehicles | 9,207 |  | 9,139
Construction in progress | 32,390 |  | 59,523
Total, at cost | 1,742,592 |  | 1,761,071
Less accumulated depreciation | (589,108) |  | (575,720)
Subtotal | 1,153,484 |  | 1,185,351
Less assets held for sale (2) | (22,542) |  | (6,862)
Property and equipment, net | $ | 1,130,942 |  | $ | 1,178,489
(1) As discussed in Note 1, “Summary of Significant Accounting Policies,” due to the adoption of ASC 842, “Leases,” effective January 1, 2019, previously existing capital lease assets have been reclassified from property and equipment, net, to right-of-use assets in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2019. (2) Classified in other current assets in the accompanying unaudited condensed consolidated balance sheets. In the three and six months ended June 30, 2019, capital expenditures were approximately $20.6 million and $51.2 million, respectively, and in the three and six months ended June 30, 2018, capital expenditures were approximately $33.9 million and $99.6 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 June 30, 2019 and December 31, 2018 consists of real property not currently used in operations that we expect to dispose of in the next 12 months. There were no impairment charges for the three months ended June 30, 2019. Impairment charges for the six months ended June 30, 2019 were approximately $2.0 million, related to the fair value adjustment of long-lived assets held for sale related to real estate at former EchoPark locations. Impairment charges for the three and six months ended June 30, 2018 were approximately $10.3 million and $14.0 million, respectively, 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.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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