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Property and Equipment | 3 Months Ended
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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.

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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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