Files
Abstract
Several factors influence the supply and demand for rental cars, and given the level of exposure to economic fluctuations, this market is characterized as part of the cyclical consumer sector. In this scenario, conducting performance analyses is fundamental for managerial decision-making, because, in the macroeconomic context, the financing of car rental companies – essential for fleet growth, since the sector is usually marked by low liquidity – can be compromised. Therefore, the objective of this study was to evaluate which of the three car rental companies listed on the B3 (Brazilian Stock Exchange) obtained the best overall performance, considering the financial years from 2015 to 2017, a period marked by a severe economic crisis in the country. To this end, liquidity, debt, capital structure, and profitability performance indicators were used, as well as a vertical analysis of financial statements. The results showed that Localiza Rent a Car SA had the best performance, although its operation faces high capital costs due to maintenance and repairs of its fleet, which, in turn, is relatively larger than that of its competitors, giving the rental company an advantage.