2. Equity Method Investees

As of December 31, 2016, we have investments in the following companies that are accounted for under the equity method: the Nix Group (50%), Ibericar Keldinich SL (50%), the Nicole Group (49%), Penske Commercial Leasing Australia (33%), Penske Vehicle Services (31%), and National Powersport Auctions (7%). Nix Group, Ibericar Keldinich SL, and the Nicole Group are engaged in the sale and servicing of automobiles. Penske Commercial Leasing Australia rents heavy-duty commercial vehicles in Australia, Penske Vehicle Services is an automotive fleet management company, and National Powersport Auctions is an auctioneer of powersport vehicles. Investments in these entities accounted for under the equity method amounted to $69.6 million and $45.8 million at December 31, 2016 and 2015, respectively.

In January 2016, we acquired a 49% interest in the Nicole Group, a luxury dealership group in Tokyo and nearby suburbs accounted for under the equity method. In September 2016, we sold a 12% interest in our Penske Commercial Leasing Australia joint venture to Penske Truck Leasing and continue to account for this investment under the equity method under our current 33% ownership.

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. We accounted for both of these investments using the equity method of accounting. The equity earnings associated with these investments is included within continuing operations under the caption “Equity in earnings of affiliates” for the two years 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 now own 68% of that joint venture. 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 and for the year ended December 31, 2014.

We also have a 23.4% 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 $823.8 million and $290.6 million at December 31, 2016 and 2015, 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, as discussed previously.

We recorded $69.5 million, $39.3 million, and $40.8 million during the years ended December 31, 2016, 2015, and 2014, 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,
	2016		2015		2014
Revenues	$	7,397.2	$	6,770.3	$	6,620.1
Gross profit		1,670.4		2,396.8		2,181.4
Net income		411.5		398.5		357.2

Condensed balance sheet information:


	December 31,
	2016		2015
Current assets	$	1,188.2	$	1,069.0
Noncurrent assets		10,529.9		10,197.3
Total assets	$	11,718.1	$	11,266.3
Current liabilities	$	1,794.7	$	851.9
Noncurrent liabilities		7,393.6		8,105.5
Equity		2,529.8		2,308.9
Total liabilities and equity	$	11,718.1	$	11,266.3