Property and Equipment

6 Months Ended

Jun. 30, 2011


8.	PROPERTY AND EQUIPMENT

The Company’s property and equipment consists of the following:


	Estimated
	Useful Lives		June 30,		December 31,
	in Years		2011		2010
			(Dollars in thousands)

Land		—	$	198,850	$	183,391
Buildings		30 to 40		266,399		241,355
Leasehold improvements		up to 30		81,539		68,808
Machinery and equipment		7 to 20		56,857		53,473
Furniture and fixtures		3 to 10		52,401		49,893
Company vehicles		3 to 5		9,295		9,182
Construction in progress		—		13,092		17,333

Total				678,433		623,435
Less accumulated depreciation and amortization				128,299		117,147

Property and equipment, net			$	550,134	$	506,288

During the six months ended June 30, 2011, the Company incurred $12.4 million of capital expenditures for the construction of new or expanded facilities and the purchase of equipment and other fixed assets in the maintenance of the Company’s dealerships and facilities. In addition, the Company purchased real estate during the six months ended June 30, 2011 associated with existing dealership operations totaling $11.9 million. Also, in conjunction with the Company’s acquisition of five separate dealerships during the six months ended June 30, 2011, the Company acquired $29.2 million of real estate and other property and equipment.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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