Good morning. Welcome to the conference call of Movida to present the earnings from the second quarter 2022. We have here with us today Mr. Renato Franklin, CEO, and Mr. Edmar Neto, CFO and IRO. All participants are in listen only mode right now and later, we will start the Q&A sessions when further instructions will be submitted. If you need any support during the conference call, please ask for help by pressing star zero. Before moving on, we would like to clarify that statements that may be made during this conference call with respect to business prospects, forecast, operational and financial goals of the company are all based on beliefs and assumptions of the executive board of Movida, as well as on currently available information.
Forward-looking statements are no assurance of performance as the beliefs and assumptions involve risks and uncertainties since they relate to future events and therefore depend on circumstances which may or may not occur. General economic conditions, market and other operational factors may affect the future performance of the company and lead to results which may materially differ from those expressed in these considerations. I would like now to hand it over to Mr. Renato Franklin. Mr. Franklin, you have the floor.
Thank you very much. Good morning, everyone. Welcome to the second quarter 2022 earnings conference call. I'm going to start by thanking all of those that have supported us and believed in Movida and have executed our strategy. The quarter's results are consolidating new levels achieved. We've been emphasizing about the transformation we've been made. The transformation is now being translated into figures, and it's the result of the strategy that we selected. The strategy of renewing the fleet and investing in digitalization of our clients' journey has been acknowledged by the clients.
As such, we have kept on growing, generating value, adjusting prices to the current conditions and improving the operational profitability of the company so that we could deal with difficulties. The numbers show the results. The operational result had grown 90% over the second quarter of 2021, BRL 2.4 billion. The EBITDA grew more than the revenue, 133%, BRL 900 million in EBITDA, which is an EBITDA of 2020 delivered in one single quarter, and the second quarter tends to be the one with the worst seasonality for our business, so very promising. What is our main highlight?
As we've been emphasized, used car sales going into a normal range and Rent a Car has increased BRL 700 million coming from retail. 160% growth of the EBITDA from Rent a Car, giving more stability to the company and a different level in terms of operation so that we can keep on adding value. Net revenue BRL 168 million, 8% margin. We delivered as such a record in our ROIC, 9 percentage points, 17% ROIC, 36% ROE, so very high, which are the return on investment of the company. It's important also to emphasize the recognition of the evolution and transformation of the company just increasing three notches of our rating.
Fitch has raised us to AAA in Brazil and BB internationally, really showing the scale of the company, diversification, resilience, and something that really makes us confident to keep on investing and obtaining value for all stakeholders. On the right, we can see our strong operational performance, 206,000 cars, 39,000 cars added in recent months. 15,000 cars quarter-over-quarter. The first quarter, we had 207,000 cars or 54% growth of fleet expansion year-over-year. The second line is also very important. The record of revenue per car in all our business lines, and for the first time, second quarter greater than the first quarter, considering seasonality. Just for you to have an idea, the trend is still to keep on increasing with strong foundations and clients really adopting our strategy.
They want new cars. There is a different value, but it's a fair value for the car and for the service and the digital journey. The daily rates is BRL 140, the average ticket. We are going to see that increase, the revenue per car is going to increase as well. When we see GTF, the fleet management transformation is not less important. Almost BRL 1,200 of gross margin per car. Of course, here we have, we need renegotiation and renewal of fleet. We are going to see revenue per car growing up in GTF, which is where we have our main growth coming from. We have private fleet, public fleet, and also individual subscriptions or the subscription of car use. This is all under GTF fleet management. Now the third point, we have 48% increase in our average daily rentals.
1 million new clients in the past 12 months. We've gained market share resulting from the strategy of renewing our fleet. It's the newest in Brazil and also the digitalization of a client journey. All clients emphasize how convenient it is to use a tablet to deal with contracts. It's less conflict. As a consequence, people end up renting more cars and recommend our company to their peers. It's a very interesting mobility alternative. The next point, we had a record of 18,000 cars in semi-used sales. Average ticket of BRL 67,000. Here we can see a trend. We are going to keep on seeing increased volume, average ticket increasing. There is still an average ticket to be adjusted because we sell part of those GTF cars and some other cars from RAC.
This is going to change and dilute and compensate the margins from used cars that we are moving towards a more normal range that we used to have that before the pandemic, and it had been changed, and now it's going back to normal. Finally, we were awarded as a more sustainable company in mobility, in transportation by Revista Exame. Recognized, we have had a number of recognitions of ESG and innovation, and here I'm highlighting this one, which really reinforces our ESG agenda. Now let's go into the next slide to talk about our growth. Where is the growth coming from? 73,000-car expansion, so 134- 206. Here there are a number of important messages. In addition to expanding the fleet, we have renewed our fleet differently from the industry.
This is a company that has a renewed fleet. After that, of course, there has been a number of impact, and we've been through that. This is something that helps us be prepared, deliver better experience, and be acknowledged by our clients. 54% growth is a lot, but in yellow, we have GTF with 91%, 106,000 cars. 10,000 cars in the quarter and the automaker program. Sales have been increasing progressively. July is better, and we are going to keep on buying. That's where we are going to get most of our growth coming from. It's going to be somewhat smaller because of selectivity and the scale we've achieved, but most of the growth is through GTF and RAC or Rent a Car.
We can see 28% growth of fleet in Rent a Car, which is once again the result of clients' perception. They want more cars. They help us adjust the price to the market reality and also enables us to grow further value in our strategy. Here we have the EBITDA margin from rental, 15 percentage points of this margin. It's a lot. It's very relevant to us. That said, we have achieved the scale we needed, 200,000 cars. We have fleet volume to negotiate all products and as a result, we have an option in terms of expansion and renewal. Average age of cars is the newest all over the country and we have reached scale.
Now that the interest rate is higher, we can be selective in growth and maximize value to really deal with the high interest rate period, generating value to our shareholders. It's our main commitment. You are going to see it's a company that's going to dictate new benchmarks of value generation in the midterm. This is our growth. We need no longer to grow. We need to add value. Let's move on to slide five to talk about results, financial numbers, and Ed is going to give further data. We are analyzing retrospectively, of course. The quarter-over-quarter, net revenue 90%, 133%. Look there, LTM, it goes from BRL 5.3 billion in 2021. There is a company for the past seven months that has made BRL 7.5 billion.
When we analyze the second quarter, which is exactly where we are today, this is a company that's valued nine billion in gross revenue. So there is still some reduction to be captured. Retrospectively, that hasn't been shown yet. Growth costs a lot. It has cost a lot to be delivered more assets, proportional growth, out of idleness, because inevitably we have to buy more cars, selling more cars, and adjusting the company. From now on, once we don't need to grow so much, the margins are going to get even better. The same applies to EBITDA, 3.1 LTM and 3.6 annualized EBITDA. If we compare to the EBITDA we used to have in 2021, 2020, it cannot be compared. Looks like a completely different company. That's my personal opinion.
There is no other companies that have such great opportunities today. That's what I think at least. The EBIT grew for 151% if we compare 2020 with an LTM 2022. If you look just the second quarter 2022 over 2021, it's more than double, even with depreciation. As you can see, operational significant progression which is going to be maintained to compensate the higher interest rates in Brazil and the depreciation of used car sales. It's going back to the normals to the numbers it used to be. It seems to be greater because the amount of the cars, the car costs more, it's a different company. Relatively speaking, it's very similar to pre-pandemic periods, and the growth margins are going to go back to pre-pandemic periods.
The EBITDA of Rent a Car has been increasing at a level that we didn't expect to see, and this is going to keep on growing because the market has solid foundations. Net at 219% increase, very relevant numbers. In the quarter, BRL 187 million. Good net margins, but showing that now we can capture price increase to compensate the interest rates. Let me now hand it over to Edmar, who is going to go into each business unit. Edmar, please.
Good morning, everyone. Thank you, Renato. I would like to invite all of you to go now to slide six, please, where I'm going to go into details about our business. First of all, a very important highlight. It's the net revenue from RAC. Very important function here in terms of price, and we've been growing 87% over the second quarter 2021.
BRL 2.2 billion. Year- to- date, 12 months, annualized BRL 2.5 billion. Now, speaking of EBITDA, it grew more than the revenue. We are capturing margin. Another record, BRL 385 million, 7% margin. 60% margin, rather. We still have got something to capture because we still have movements of price adjustment and efficiency. Here we have the EBITDA, which goes from over BRL 1.3 billion, nearly 60% margin past twelve months. Looking ahead, we are talking of an EBITDA over BRL 1.5 billion. On the right, on the slide, we can see the revenue per car. The price per car, 2,973 or 46% increase, which is a record. We can also see in the quarter in July a new price range that we have moved to.
Revenue per car getting to the highest level ever in the company. EBITDA per car follows exactly the same. EBITDA per car more than doubled quarter-over-quarter, reaching 1,600 in the market. Now, going into the next slide, let us speak about GTF, our fleet management, where we grew the most in this quarter. It's important because this is exactly our strategy. We have focused on long-term contracts, which brings more resilience and predictability. Record revenue, 120% growth, BRL 441 million. In the past two months, BRL 1.5 billion in revenues, and looking ahead, BRL 1.7 billion. Now speaking of EBITDA, we can see a margin of 71%. We've adjusted the margin up in the past twelve months. BRL 350 million EBITDA, consolidating this margin over 70%.
Just look to this side where we see LTM. We are running at 60%, BRL 1 billion of EBITDA, and looking ahead, BRL 1.3 billion. On the right, once again, we can see revenue per car and EBITDA per car. The revenue per car, let me make a comment because now we are reporting gross revenue, and we have adjusted all indicators accordingly. One point eight eight four, which is a significant growth as a result of the renewal of the fleet in GTF, which is somewhat slower than what we had in other business lines. It goes from 1,447 to 1,800. It reaches another record showing the focus on the operational practice to mitigate the effects of the interest rates in Brazil.
To speak of EBITDA per car, it's another level that we had never reached, 1,200 over 852, with a 41% increase greater than what we had in terms of revenue, showing that we have really successfully evolved in the market. As we can see in our release, we closed the second with a backlog of BRL 2 billion and a lot of cars to be implemented, some more in the end of the quarter. This is going to bring even further revenue. There is a contracted growth in GTF. Now let's go into slide eight for used cars. BRL 1.2 billion is our revenues, greater than the first quarter last year. 18,000 cars sold on average 6,000-7,000 . Dilution starts to show its face. EBITDA is BRL 205 million.
It's aligned with the previous quarter, but 31% greater than the previous year. Showing that even with a decrease in margin, more volume and better prices deliver an EBITDA at the same level. As such, we can navigate within this scenario where it will inevitably lead to a regularization of the margins of used cars. On the right, we can see average ticket 22% growth year-over-year. Since 2020, when the prices were adjusted, we already had 53% growth. On the right, we can see a very important point, which I've already mentioned, but would like to emphasize, which is the dilution of SG&A.
Because as we have a greater volume of cars to be sold from now on and a higher average ticket, we are going to deliver SG&A below 3%, probably, below 6%, probably towards 5% in the short run. Now, slide nine, we can see the performance of EBITDA of Rent a Car, where the numbers reflect really the operational result. On the right of the slide, we can see total EBITDA. Renato has already emphasized 171% growth year-over-year. A 15 percentage point gains in margin showing that the company has been focusing on operation, the operations producing results.
Speaking of unit results, we bring together the two rental business lines, 77% growth or greater efficiency, because we're talking about a value per unit, not only because prices increased, but also because in terms of cost, we are maintaining it at stable levels or even below what we had planned. When we talk about monthly numbers, this is what we observe. Let me now go into slide 10, and I'm going to share with you depreciation and make two comments here. We've shown a depreciation of BRL 3,500 in a Rent a Car in the quarter. Annualized is BRL 5,000, which reflects exactly what Renato has said. It is the newest fleet in the area in Brazil, and it has to be reflected in the business unit where the turnover of the fleet is faster.
In used cars, 3,600, the trend is to increase further, and it grows somewhat slowly because the turnover of the fleet is somewhat slower in terms of renewal. When annualized, we can already see the number of new cars being purchased. We can see that buildup depreciation is resuming its expected previous levels after it had been running at below 5%. Let me now go into slide 11, where I'm going to talk about cash and our debt schedule. As Renato pointed out, one key highlight here is the upgrade of our ratings for triple- A in Brazil and double-B globally. Very important highlights. First of all, scale. The fact that we at Movida belong to a group that has a very well-adjusted capital structure. During complex economic or challenging economic situations, we've been increasing our EBITDA.
It is above the EBITDA of the whole year of 2020, so it's a great performance of the company. In addition, we also have a cash profile and an amortization of the debt, which is at the right mix. We can see the need of accessing the market in the short term. There is no need to do that because we have enough cash. We also have a percentage of fleet where there is more GTF, more fleet management, and we've been growing that more, bringing more EBITDA margin and more resilience and expected revenues, which is something extremely important for a company that has always been growing and it's part of its DNA.
Now here on the right, talking about leverage, even with this growth of 15,000 cars quarter-over-quarter, once EBITDA grows significantly, the leverage gets stable at 3x, which is exactly the level that we want, even considering relevant growth. That said, I would like to hand it back to Renato, who is going to talk about return on investment, recognition, and make his closing considerations.
Thank you, Edmar. Let's go now into slide 12. When you're talking about our return on investments. The indicators on return really confirm our value generation, and this is our main purpose. We are at record levels of ROI, ROE and ROIC and 9 percentage points of spread, which is really relevant. We know that the cost of the debt will continue to be impacted.
We are going to keep on seeing it increase, and we want to evolve operationally to compensate the increase in interest rate. The spread tends to be smaller in the short term until we can have the adjustment of the operation to the new cost of capital going back into an interesting spread levels in the midterm. We are very excited with what we are delivering, showing that we have market foundations. There is still room for growth, and our choice will be grow less so that we can increase profitability, operational efficiency, generating more value. Now going to slide 13, and we've talked about ESG and our award. We have also been awarded by the MIT Technology Review, the largest publication on technology. Selected 20 companies in Brazil, and we are selected among the most innovative workplaces in 2022.
Really recognizing our innovation, especially with the digitalization of clients' journey, which has been acknowledged by our clients, which is really great. I would like to thank all of you. There are many categories. If we ranked second, Simpar ranked first. We just ranked, we're among the top. Thank you very much, and congrats to our investor relations team who has shown transparency, governance, right disclosure level to really make you all confident on everything that we are doing. Now, next slide, just for closure. Just thinking ahead. Once again, we have a team that really delivers and executes, and is very quickly to get adapted to different scenarios. This is what's going to sustain our value generation. Interest rates going up, scenarios changing, but we are prepared to deal with that and still generate value. Why is that?
There are five pillars here. First of all, focus on client, that devotion to serve, to care. We came here to understand the market, see what clients needed, and we've done that right from the beginning. First, we have been questioned by the market, but now we are being imitated by the market. We are going to really dictate trends in new fleet, in digitalization, in new clients wanting to rent. This is why we can really keep on bringing more profitability to our business. We have the newest fleet in the market. We've already emphasized that. Now it means we have an option in our pay-off renovation. We have also conquered scale. We have opened new points of sales. We are going to have new stores coming. It means more channel, some level of growth.
By having more levels of channel, we can sell more, let's say, to individual clients and less to segments that pay lower price. We don't pay higher for different segments, but we provide better care, better service to our individual clients, and maybe we can just do without price-sensitive clients. These are not our clients. Our clients are companies which are focused on quality and individuals who want quality in the car and in service. It gives us really possibility to focus on the fourth pillar, which are the tools of high performance pricing. We were the first company to bring that. The market was just so different in Rent a Car. We changed the fees during the day using different algorithms, and we can see an improvement to improve revenue per car.
The fifth pillar, which is a very robust cost and expense management strategy. We can see all the different indicators, employee per car, SG&A. We are and we will always be the most efficient company in terms of cost, always. We are going to keep on working to use the technology that we've been using for pricing, for the customer's journey to improve our operational efficiency. We have very important transforming projects that are going to leverage us further. In the past, we used to talk about rewriting the benchmarking of the industry. Occupancy rate is great, higher, and the revenue per car has been improving. We are going to go into a new cycle of transformation of the operational levels for the industry, which is going to generate value even during higher interest rate.
That said, I just emphasize that we have a specific strategy of renewing the fleet. It proved to be effective and built loyalty of our clients, attracted more clients, and improved our market share. Thank you all very much. I'm sure the best still to come. Now let's open for the Q&A. I'm sure there are going to be questions. Let's start so that we can go into further details. Thank you all very much.
Ladies and gentlemen, we are now going to start our Q&A session. To ask a question, please press star one. To withdraw it from the waiting list, press star two. Our first question comes from Gabriel Rezende of Itaú BBA.
Hello, everyone. Good morning. Kudos on the results. I would like to go further into the in terms of fees for RAC and for GTF. You've talked about the seasonality not being so good in the second quarter, but still the fees, the prices of cars was very similar to what we had in the RAC for the first quarter. What is the utilization segment over segment? What can we think about trends, especially because you said that July had been good. In terms of GTF fees, I would like to understand what has justified that increase in revenue per car. Was it 0 km or review of contracts? Of the first quarter to second quarter, and what are the trends for the future?
Thank you, Gabriel, for the question. Now, speaking of Rent a Car, RAC, the second quarter tends to be well, less retail, fewer peaks of occupancy where we can charge higher prices. But we've been increasing price over price. It's a quarter where we had significant price adjustments in our monthly contracts, and this is going to help in the third quarter because it's been growing, and it helps us. It's a new basis of prices. In our daily fees, it depends on occupancy. We set the priority. As we are growing and preparing the company for July, where we have a high season, and it costs money because you need more cars, not to impact occupancy, we didn't increase the price as much as we could to allow fleet increase during July, right? Looking ahead, BRL 140 on average is July.
August is going to be better than June. Very positive trend of keep on increasing prices in some segments. When you increase prices in all segments, the mix also help because those segments which are price sensitive have a reduction in volume, but then you have more cars exposed to the segments that pay better prices for rental. Improving the revenue per car. In terms of GTF, review is really important. It helps in increasing prices of our whole portfolio because otherwise it would take too long to do it. The average age is still old, but new contracts also matter when you have 2,400, 2,300 day new contract for 0 km or private fleet management or any others. The tickets are quite similar. Zero kilometer is somewhat lower but similar price, but the margin is better. Prices are very similar in terms of rental because it's a large company.
It has a better negotiation power and end up paying the same as, let's say an individual person which is renting. So the trend is to increasing it further. If we are going to new contracts with BRL 2,300, BRL 2,400, as we replace the portfolio, we are going to renew all of them. That's it. Thank you again.
That's great. Thank you very much, Renato.
Thank you. The next question comes from Alberto Valerio of UBS BB.
Good morning, Edmar and Renato. Thank you for taking my question. Now, looking ahead and think about tax. You've seen that you reported some accelerated depreciation. I'd like to know if you have any plans to use the credits resulting from it. And a second question about car mix. With the normalization of the automakers and maybe the automakers are going to offer more cheaper cars, would you be interested in going back into this segment, or do you intend to maintain the premium car segment only?
Thank you. Let me start by purchasing cars first. We are going to buy the cars that clients want to rent. It depends on market transformation. Yes, there is more demand for entry-level cars which are not being served. The market does not have enough growth. If that is a possibility and the level is better, fine, we're going to purchase that. There is an increasing also demand for SUV cars, and we are going to buy as the demand happens.
Of course, the macro scenario is going to impact the purchasing power of everyone, and people are considering renting car rather than buying cars. If we have a growth of two segments with a mix, it would depend also on the offer on the supply of the automakers. I just expect a gradual growth, really. In terms of tax credit, Alberto, everything is running as planned in the company, and we are going to use these tax credits eventually.
That's great. Thank you very much.
The next question comes from Victor Mizusaki of Bradesco BBI.
Hi, good morning. I have two questions. The first one, going back to the mix, car mix. We've seen the transformation of the fleet. Thinking about mix between bought cars and sold cars, when sold car mix will be reflected in the new fleet of Movida. Second question concerning your comment about the option of renewal and some reduction in the growth rate, we have had a simulation.
If we consider. In a hypothetic scenario that your fleet will be of about 18 months, your 3x leverage, it would be somewhat below 2x. The results of this simulation, does it make sense to you?
Thank you, Victor. When we look ahead to normalize, because there was a transformation in Rent a Car, but not in fleet management GTF. To normalize sales and purchase, it will just adjust by 2023. The average ticket of used cars will increase, but it's going to go into a normal evolution, as we call it. It's what we used to have before the pandemic, nearly 5% per year. We expect to hear something close to that from now on. Maybe there might be changes, we don't know yet.
When we say the industry is getting to its normal level as of the second half of 2023, there are some supply chain bottlenecks, things that might still influence the offer of cars. I expect that equation of prices of purchase and selling, and Movida has been building and executing better and better used cars, so I'm not comparing the performance of used cars before the pandemic. It's going to be better from now on. The depreciation is focused on a positive EBITDA. It's not zero EBITDA. The average ticket will be closer to the purchase average ticket, which will be close to the sales average ticket.
Second question. I have two comments, Victor. First of all, if we maintain our growth at similar rates, we would already deliver a leverage of 2.5-2.7x. Yes, you are right when you say that. In addition to reducing growth, we allow our fleet to get older. It would take us to a leverage of 2x. It's important to emphasize that when we look closer and having that option, optionality is really important in terms of leverage, because we have already renewed our whole fleet.
In GTF, we really depend on contract renewal. We have renewed the fleet during a situation in which the average interest rate was 6% or 7%, going from 2% to the 13% that we have today. When we look ahead and interest rates will be higher for a longer period of time, renewal of fleet of whoever starts to do it now, it will be at a higher rate. It's going to be different from what we have had.
All our efforts of having additional debts, using our capital structure, has led to an increase of our assets in a relevant fashion. Asset and liability go hand in hand in our company. It really makes us confident that now from now on, as Renato pointed out, we can analyze the situation and modulate how much growth we expect. You are right in your analysis.
That's great. Thank you very much.
The next question comes from Henrique Simões of Credit Suisse.
Good morning, Renato, Edmar. Thank you. I have two questions. First, level of depreciation for Rent a Car RAC. What's the percentage of that immobilized that you expect? It's 5.7%. It seems to be growing a little bit.
Thinking about the long term, what was the assumption of the net debt and interest rate, as there had been an increase in the interest rate of Selic, and it has impacted the financial aspect from the bottom line. What is your expectation there?
Thank you, Henrique. Our goal, which is our company's guidance, hasn't changed. Even though the interest rate today is higher, and when we look at the curves, we can see that it's higher than when we published the guidance. Why is that? Why is that against us, right? Because the operational performance of the company, we have anticipated the steps. We are bigger than we used to be. We have more assets, and we are delivering more margins. It really makes us comfortable not to change the guidance, long-term guidance that we have provided.
To the contrary, we believe there is an optionality, once again, of reducing our growth. Concerning the depreciation of the Rent a Car, this is the best snapshot for today. You are right. We are working between 5% and 5.5%, somewhat higher than that. Right now, as in our RAC, we have already renewed the fleet. There would be less pressure from now on. Once again, it will depend on the market. It won't depend on us. I emphasize once again, we have the baseline and we have some models based on which we calculate our depreciation.
Great. Thank you, Henrique.
The next question comes from Felipe Nielsen of Citibank.
Hello, good morning. Thank you for answering my question. I have two questions here. The first, a follow-up about the normalization of purchase and sales of car. You said that you expect prices to resume within the mid-2023, but in terms of volume, what is your take on regular volume levels? Do you expect it to reach the same levels that we used to have in 2019 in terms of volume or not? My second question is, now that the merger of Localiza and Unidas has already been consolidated, the market has settled and understand how the players will be, what can you tell us about competition? Do you expect any changes in the competitive scenario? These are my two questions.
Thank you, Felipe. In terms of volume, in terms of price, we have the average ticket of used cars coming closer to the purchase. We expect it to be similar. The industry believes that supply chain will be normal by mid-2023. Today is better than last year. There are more automakers producing cars with fewer issues, but still with small volume in some large car makers. The offer of car makes is different from what would be the ideal demand. We have to get adapted to the demand and have to look for clients that are interested in renting that specific car. We expect it to go back to normal levels by mid-2023. We had expected that for this year, and then probably it's going to be beginning or middle 2023. Now, the second point concerned the merger. It's good.
It hasn't changed our strategy whatsoever, but competition is smaller because there used to be three players and now there are just two, and one that has to reorganize companies. We still have three players, right? We don't know what's going to be the position of the third player, but it hasn't changed our strategy. The scale we currently have is enough to compete regardless of the factors involved in the market.
That's great. Thank you very much.
Thank you, Felipe.
Let me remind you that to ask a question, please press star one. The next question comes from Igor Araújo of Genial Investimentos.
Hello, good morning. Congrats on the results. I have a question. When you started your presentation, you emphasized about the expansion of your portfolio of clients. How has the strategy that you presented to us, which was just beginning and you presented that in the Investors Day about the new strategy of sales, a partnership with Mercado Livre, how has it impacted your cost of client acquisition? Could you tell us more about that?
Thank you, Igor. The partnerships are not very relevant. It's more of a niche operation. It's part of Movida Carro, but it's the results are not material. What matters is growth in the digital base in individual clients, and also a significant growth in corporate clients, especially travel agents, especially because of the recognition of our high service level and the newest fleet. The priority of our growth is in our own digital channels with the direct customer. This is our priority.
If I may add one question. Now, talking about CapEx, at that day, Movida Day, you presented an exercise in terms of renewal rates per CapEx. That guidance that we had, which was 5.1 and 6 million still makes sense, or should we expect something lower now because maybe you expect to have better fees and better margins from Rent a Car?
We're still aligned. If you get the CapEx of the year, it's still proportional to our plan, and what we anticipate for the future is also aligned with that. Of course, we have the optionality, the option of reducing growth if you want. We can still see room, especially for GTF long term contract profitability when we price the interest rate with the safety margin generating value no matter what the scenario is. This is exactly what we are going to get growth and renew a bit from GTF. Rent a Car, we have renewed it fully, but we haven't changed any forecast of our guidance.
Considering the first half of the year, we are right in the midpoint between BRL 5 billion and BRL 6 billion. So it's BRL 5.6 billion annualized if we have to repeat it. It's what Renato has said. We are going to analyze the market situation, make decisions, and our focus, as has been since 2018, we want to grow further in GTF because we believe these products in the long term can bring us more benefits to our strategy.
That's great. Thank you very much.
The next question comes from the webcast. Lucas Barbosa from Santander.
Good morning. Thank you for taking my question. I have two questions. First, could you please tell us how much of the price can be explained by the mix of sold cars, and how much was impacted by price decrease of the same car models? About the effects of growth in margin, increase in margin, how bigger will the EBITDA margins be if the companies had levels of mobilization of smaller cars? Thank you.
Thank you, Lucas. Now speaking about used car prices. The official price list, average price list has been decreasing, so there is an effect of car mix. Cars are costing more and more, so prices are going up. There is also a positive effect of valuing. What we purchased in the beginning of 2021 has got a higher value, which reinforces that our strategy has been appropriate differently from buying now. Now there's not going to be an increase in price of cars. Today, renewing a fleet costs more in terms of cost of capital. Yes, because the price of used cars and 0 km cars. There is a mix effect causing the increase, and there is also an effect of the channel mix. Retail had a higher pressure.
Now it's going similar to what we used to have in the mix of retail and wholesale before the pandemic. We are opening more stores so that we can sell more and more cars in the used car stores. We have been increasing the number of used car sales. Second question about the decrease in growth and the EBITDA margin. If you look at the EBITDA margin, there is a cost of implementation, turnover, and so on. If we removed 1,000 cars growth of RAC, there would be almost two percentage points of EBITDA. In other business lines, it varies depending on the lead time of implementation and some other factors of where the car is going to be sold to, which impacts somewhat the renewal. In addition to growth, the pace of renewal also impacts the margin. As we have renewed the fleet and now growth is smaller, we can deliver better margins.
The next question is also from the webcast. Guilherme Costa of AZ Quest.
Movida, because it's the smaller scale than competitors, used to have smaller discounts. For the last quarters, however, Movida was the main purchaser. Had there been a different purchasing power of Movida with the car makers now that the competitors will buy more cars than Movida?
Very good question, Guilherme. Yes, we have improved our purchase conditions because the car industry has reduced its aggressiveness in direct sales. Movida closed the gap in most car makers, and that was very positive to us. Now, looking ahead, the scale that we have today, the number of cars we have to purchase really allows us to make great agreements similar to other competitors. When you have to buy anything more than that, then you cannot choose so much. You have to buy whatever is being offered to you. We are at the ideal, the optimal point to negotiate car purchase.
The next question comes from the webcast by Rodrigo Faria of SulAmérica Investimentos.
Good morning, Renato and Edmar. Congrats on the results and for being awarded triple A ratings in Brazil. Two questions. First, with the new Fitch rating, what will be the average cost of new debts, and how long will it take to have 100% debt with triple- A cost? In used cars, what about the breakdown of sales of retail and wholesale, and what percentage of sales in wholesale do you think would be ideal?
Good afternoon, Rodrigo. This is Edmar speaking. Thank you for the question. Basically, we expect to capture throughout the years something of about BRL 100 billion, maybe even more, depending on growth strategy. Renato asks every single day, how long will it take for us to capture it all? In our structure, we have made important investments, and it will take some years, but the margins in the near future and the fact that we have a renewed fleet. The market will realize that we can really deliver more resilient results, predictable results, and it will mean some savings in terms of our debt, but it will take some years. In the margins, we already see some gains for equivalent long-term periods.
Thank you. In terms of wholesale and retail mix, ideally, it should be half and half because you have retail to maximize value in better quality cars and a wholesaler which gives agility.
To prepare the car, you can sell it quickly. There are other advantages. It is a channel through which we can increase or decrease sales without being concerned to dilute fixed costs, depending on what we expect to grow and have leverage. This is a point that we have been recognized, right, in our ratings, so leverage is a discretionary indicator. If we decide we want to have it two times, we can do it. This is a quick adjustment. The wholesale channel is important to us. It has evolved significantly in terms of digital channels. It gives us a good capillarity. There are no stores of used cars, for example. There are places where we have a Rent a Car store and we sell wholesale, but there is no physical store. I can sell to a local wholesale store owner.
There is one more factor which nobody really realizes. We have always had original, very important, partner for some car models and the mix of cars that adds value. Selling to original that sells to the end, clients is much better. We have better optionality. We are creating an ecosystem where we can generate value to our group. Movida doesn't have to make investments in SG&A, and we can keep on growing in terms of sales of used cars, selling at good conditions. We have clear planning. There is no credit risk. Automotive generates also, rent and sell it at a, sometimes even premium price and, something really interesting. It's a very mportant ecosystem to our group which is going to generate value in the short term, especially what generates in terms of accessory levels of sales, right? What we offer in addition to sales.
With that, we close our Q&A session. Further questions will be answered by the investors' relations team. Let me now hand it over to the management of the company for the closing remarks.
Well, thank you all very much. Thank you for trusting us. Our foundations remain very strong and robust. This is going to add value in the short term and the best is still to come. Thank you very much. Movida's team who has been working hard and delivering very significant results. We are all very enthusiastic. The perception of value of the company has been increasing and value transformation is still to come. Thank you all very much. Have a great day.
The conference call of Movida is closed now. Thank you all very much for your participation. Have a good day. Thank you.