Property and Equipment

9 Months Ended

Sep. 30, 2011

8. PROPERTY AND EQUIPMENT

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


	Estimated
	Useful Lives		September 30,		December 31,
	in Years		2011		2010
			(Dollars in thousands)
Land		—	$	194,248	$	183,391
Buildings		30 to 40		276,473		241,355
Leasehold improvements	up to 30			82,709		68,808
Machinery and equipment		7 to 20		57,015		53,473
Furniture and fixtures		3 to 10		54,102		49,893
Company vehicles		3 to 5		9,464		9,182
Construction in progress		—		9,351		17,333

Total				683,362		623,435
Less accumulated depreciation and amortization				132,454		117,147

Property and equipment, net			$	550,908	$	506,288

During the nine months ended September 30, 2011, the Company incurred $22.2 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 nine months ended September 30, 2011 associated with existing dealership operations totaling $22.4 million. Also, in conjunction with the Company’s acquisition of five separate dealerships during the nine months ended September 30, 2011, the Company acquired $29.2 million of real estate and other property and equipment.

In the third quarter of 2011, the Company determined that certain of its real estate investments qualified as held-for-sale assets. Accordingly, the Company reclassified such investments to current assets in the accompanying Consolidated Balance Sheet as of September 30, 2011, after adjusting the carrying value to fair market value. The Company recognized a $3.2 million pre-tax asset impairment charge as a result.

- 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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