Brazil car rental, leasing company revenues up 39%
Net Revenue from Brazil’s three largest car rental and leasing companies - Localiza, Unidas and Movida - totaled 4.89bn reais (US$1.18bn) in 3Q19, collectively up 39% from 3.51bn reais the previous year.
Meanwhile, they reported a combined net profit of 352mn reais, up 35% from 261mn reais, and also sold 69,252 off-lease vehicles, 36% more than the 50,886 the year before, according to their latest earnings reports.
Localiza led the race with third quarter revenue of 2.67bn reais (+29%) and profit of 205mn reais (+29%). The company also remarketed 36,804 vehicles, up 22.3% from 3Q18. In the same comparison, Unidas posted 1.26bn reais in revenue (+52%), 86.5mn reais in profit (+44%) and sold 17,905 vehicles (+40%).
Finally, coming in third but with higher year-over-year increases was Movida. It posted 961mn reais in revenue (+57%), 60.2mn reais in profit (+46%) and sold 14,543 vehicles, jumping 83% from the year before.