2. Equity Method Investees

As of December 31, 2017, we had investments in the following companies that are accounted for under the equity method: the Nix Group (50%) operating automotive dealerships in Germany, Ibericar Keldinich SL (50%) operating automotive dealerships in Spain, the Nicole Group (49%) operating automotive dealerships in Japan, and Penske Commercial Leasing Australia (28%) which rents heavy-duty commercial vehicles in Australia. Investments in these entities amounted to $71.0 million at December 31, 2017. Investments in these entities, as well as National Powersport Auctions and Penske Vehicle Services (discussed below), amounted to $69.6 million at December 31, 2016.

In September 2016, we sold a 12% interest, and in September 2017 sold an additional 5% interest, in our Penske Commercial Leasing Australia joint venture to PTL and continue to account for this investment under the equity method under our current 28% ownership.

In May 2017, we sold our 7% interest in National Powersport Auctions. In December 2017, we sold our 31% interest in Penske Vehicle Services to PTL. The equity earnings associated with these investments are included within continuing operations under the caption “Equity in earnings of affiliates” for the years ended December 31, 2017, 2016 and 2015.

In September 2015, we sold our 50% interest in our Max Cycles non-automotive joint venture, which operated BMW motorcycle dealerships. In October 2015, our Penske-Wynn Ferrari/Maserati joint venture sold substantially all of its assets to a third party. The equity earnings associated with these investments are included within continuing operations under the caption “Equity in earnings of affiliates” for the year ended December 31, 2015.

In September 2015, we acquired an additional 10% interest in the Jacobs Group, which was previously accounted for under the equity method, resulting in us owning a 60% controlling interest in this joint venture; we therefore began consolidating this entity in our financial results in the year ended December 31, 2015. Additionally, during the first quarter of 2016, we acquired an additional 8% interest in the Jacobs Group and owned 68% of this joint venture as of December 31, 2017. The equity earnings associated with this investment prior to consolidation were included within continuing operations under the caption “Equity in earnings of affiliates” through September 2015.

We also have a 28.9% ownership interest in PTL, a leading provider of transportation services and supply chain management. Our investment in PTL, which is accounted for under the equity method, amounted to $1,185.6 million and $823.8 million at December 31, 2017 and 2016, respectively. In July 2016, we increased our ownership interest in PTL from 9.0% to 23.4% as a result of our acquisition of an additional 14.4% ownership interest, and in September 2017, we acquired an additional 5.5% ownership interest, as discussed previously.

We recorded $107.6 million, $69.5 million, and $39.3 million during the years ended December 31, 2017, 2016, and 2015, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from our equity method investments.

The combined results of operations and financial position of our equity method investees as of December 31 for each of the years presented are summarized as follows:

Condensed income statement information:


	Year Ended December 31,
	2017		2016		2015
Revenues	$	7,680.8	$	7,397.2	$	6,770.3
Gross profit		1,792.4		1,670.4		2,396.8
Net income		416.1		411.5		398.5

Condensed balance sheet information:


	December 31,
	2017		2016
Current assets	$	1,317.9	$	1,188.2
Noncurrent assets		11,729.4		10,529.9
Total assets	$	13,047.3	$	11,718.1
Current liabilities	$	2,101.0	$	1,794.7
Noncurrent liabilities		8,160.3		7,393.6
Equity		2,786.0		2,529.8
Total liabilities and equity	$	13,047.3	$	11,718.1