3. Equity Method Investees

As of December 31, 2018, 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.

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 and 2016.

We also have a 28.9% ownership interest in PTL, a leading provider of transportation and supply chain services. Our investment in PTL, which is accounted for under the equity method, amounted to $1,237.4 million and $1,185.6 million at December 31, 2018 and 2017, 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.

The net book value of our equity method investments was $1,305.2 million and $1,256.6 million as of December 31, 2018 and 2017, respectively. We recorded $134.8 million, $107.6 million, and $69.5 million during the years ended December 31, 2018, 2017, and 2016, 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,
	2018		2017		2016
Revenues	$	9,013.7	$	7,680.8	$	7,397.2
Gross profit		2,011.7		1,792.4		1,670.4
Net income		458.7		416.1		411.5

Condensed balance sheet information:


	December 31,
	2018		2017
Current assets	$	1,467.5	$	1,317.9
Noncurrent assets		13,360.8		11,729.4
Total assets	$	14,828.3	$	13,047.3
Current liabilities	$	1,880.1	$	2,101.0
Noncurrent liabilities		9,976.1		8,160.3
Equity		2,972.1		2,786.0
Total liabilities and equity	$	14,828.3	$	13,047.3