Note 10 - Restructuring Costs

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

10

– Restructuring Costs

During the quarter ended

March 31, 2016,

the Company instituted plans to consolidate its dealership network and incurred pre-tax expenses of approximately

$8.1

million related to restructuring activities. The restructuring costs included

$2.7

million associated with impairment charges to certain fixed assets and the value of the real estate underlying the affected locations, which was reported in selling, general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income for the

nine

months ended

September 30, 2016.

In addition, the Company classified certain excess real estate as held for sale, which resulted in an impairment charge of

$5.0

million, which was reported in selling, general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income for the

nine

months ended

September 30, 2016.

During

2016,

the Company sold

four

of the properties previously classified as held for sale with a fair value of

$6.1

million. During the

first

quarter of

2017,

the Company sold

one

of the properties with a fair value of

$1.0

million and during the

second

quarter of

2017,

the Company sold

two

of the properties with a collective fair value of

$1.2

million. During the

third

quarter of

2017,

the Company made the decision to put

one

of the properties previously classified as “held for sale” with a fair value of

$1.4

million back into service. As of

September 30, 2017,

the remaining real estate associated with the restructuring activities is included in assets held for sale on the Consolidated Balance Sheets.