Good morning, and welcome to Movida's conference call to discuss the earnings regarding the third quarter of 2022. Today with us we have Mr. Renato Franklin, CEO, and Edmar Neto, CFO and Investor Relations Officer. At the moment, all participants are in listen only mode. Later on, we are going to begin the Q&A session when further instructions will be provided. Should any of you need assistance during the conference call, please reach the operator by pressing star zero. Before moving on, we would like to let you know that any forward-looking statements made during the conference call relative to Movida's business outlook, projections, operating and financial goals are based on the beliefs and assumptions of Movida management and rely on information currently available to the company. Forward-looking statements are not a guarantee of performance.
They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operating factors may affect the future results of Movida and lead to results that will materially differ from those in the safe-harbor forward-looking statements. We'll now turn the conference to Mr. Renato Franklin. Please, Mr. Franklin, you may go on. Good morning, everyone. Welcome to our conference call to discuss the earnings of the third quarter 2022. I'd like to start my presentation with slide 3, highlighting our discipline in execution of the company's strategic plan. Discipline and execution led us to get 2 million new customers. This is the first highlight since the third quarter 2020 when we had a different strategy, which among other pillars had the right decision of expanding and renewing our fleet.
Therefore, two million new customers in the Rent-A-Car, 1.1 million in the last twelve months. The same strategy allowed for the transformation of the company, diversifying our long-term contracts, public or private, individuals, companies with an increase of 180% in the volume of daily rentals, more than double GTF, and we have already contracted growth in GTF. Also, we see a transformation of the total fleet, doubling size in two years with relevant gains of scale when we add 104,000 cars in these two years. More important than to double the number of cars, we tripled our asset base, going from BRL 5 billion to BRL 15 billion in the last two years. A complete transformation of the company that led to the landmark of BRL 10 billion annualized third quarter revenue.
BRL 10 billion revenue, a completely new level, which is the result of the execution of the strategic plan. Discipline. Even with the scenario we are going through, we haven't done away with expanding our geographic footprint. We opened 20 new Seminovos stores, 38 new stores in the Rent-A-Car. A real transformation in prices as well with expressive growth, 98% in the Rent-A-Car, 38% in GTF, and 56%. Why are we comparing with the third quarter 2020? Because that was the beginning of a market cycle that started two years ago, and it made us prepared to enjoy a new cycle of growth. What I would like to say now after these two years, our current scenario. First, the purchases of 2021. Everybody saw the inflation of brand-new cars. They appreciated a lot, and they are going to be sold with good margins.
That was a right decision. Cars that we're buying now in 2022, looking at the current market and future trends to price them. Well, along this quarter, what have we seen? Retail of brand-new cars has been more challenging. Why? Because of the macroeconomic scenario, high interest rates, tighter credits, more of unavailability for the industry. That has made inventories grow. In the last 2 months, direct sales were higher than retail. What happens? If you think of brand-new cars today, we have more bonuses, you have zero rates, marketing actions that are attracting consumers, and these actions have intensified.
That accelerates normalization of brand-new cars margins, which we expected, and we believe this scenario is also going to be challenging in 2023 when you think of brand-new cars in retail, which generates a lower sales price and therefore a lower sales price for used cars with a higher depreciation rate for the cars that we are buying now. On the other hand, there is an important point here. It is a more positive scenario for the Rent-A-Car business. We have seen offers for additional volumes at different prices. We're discussing 2023, more availability of cars, so we have better commercial conditions. That is, the new agreements are going to be favorable for the next cycle of the business. All that at a time that is favorable altogether. Why? Because in this cycle, we are going to have a true transformation.
I'm talking about the bottom part of the slide. Why transformation? Because we bought cars at a higher ticket. This was what was available. They appreciate it. They are in our asset base. As OEMs go back to normal with the supply chain and everything, we have more availability of cars. So now I have cars that are more expensive to sell and I'm going to buy new cars cheaper. So we are going to have gains in cash flow and returns, and we are going to talk a bit more about that further on. There are two other points that are important and reinforce our discipline. Going international with the acquisition of Drive on Holidays in Portugal. We are going to talk about that, and we believe that it was the best entry point into Europe.
Also the SAT brand, which is our tracking and 24-hour assistance operation, insurance with better technology and really offering better services to our clients. Now we are going to go to slide 4 to talk numbers that prove and reinforce the solid foundation of our market. We have been talking a lot about that enable us to transform prices and grow the business and these are the deliveries that we have with strong operating results. Net revenue BRL 2.6 billion, 66% growth year-on-year and growth of all average tickets. EBITDA BRL 925 million, also a record. We are full of records 50% above year-on-year. Rental EBITDA more than offsetting the hit of used cars that is more normalized, growing 85%.
Out of BRL 925 million, almost BRL 800 million, BRL 789 million came from rental, showing our strong operational results. Net revenue BRL 93 million, mostly impacted by the increase in interest rates and the transient depreciation of the fleet. Return on equity 27% LTM. Return on invested capital 15%. A spread of plus 6.4 percentage points and annualized numbers 14%. Good return and we can continue with this lever supporting good return rates in the short term and seeking even better results. To your right, we highlight some indicators. Total fleet growth, as I said, 212,000 cars without considering the cars in Portugal that have not yet been consolidated.
Daily average rate that is a record at almost 44% above year-on-year. Daily rates will continue to grow even with a better mix and brand new cars. We are going to see the average daily rate going up because again there was an increase in cost and interest rate. GTF 8.6 million daily rentals, 37% growth year-on-year. Here again with better fees and remember we implemented a lot of cars in the quarter, so we have already contracted growth in revenues. Seminovos, new records are more and more a mature operation with more than 20,000 cars sold, sale tickets of BRL 70,000 and continue growing. In the bottom, reinforcing our ESG agenda, first place in sustainability in Época Negócios magazine.
Now we are going to slide 5 to talk about fleet growth. I'd like to mention the organic growth of 44,000 cars in a year, quite substantial, keeping the average age of our cars at 9 months in the Rent-A-Car business, which gives us the option of the pace of renewal and that's why we have been able to negotiate such good terms in 2023. We are very well positioned to reap the fruit of the strategy adopted, the scale of the company and the operating efficiency altogether. There are still efficiencies to gain and there is room for improvement, but we are very well positioned to enjoy a great new cycle further on. Now I'm going to go to the next slide 6, with consolidated results. As I mentioned, net revenue in the quarter BRL 2.6 billion, the highest level ever, 66% growth.
Annualized more than BRL 10 billion which is a mark to us. A nine months growth of 92%, which is quite relevant in terms of revenue. EBITDA, the highlight is growth of 51%, as I mentioned. When you take a look at LTM numbers, 115% growth. Look at the transformation we are talking about. Rental EBITDA with growth of 127%, a lot more relevant LTM. In the quarter, even more relevant and supporting return rates with the operating results in rental and more normalized results in brand new cars. EBIT, we already talked. Net income, BRL 94 million. Now I'm going to turn to Edmar to give you a bit more color on each business unit. Edmar? Thank you, Renato. Good morning, everyone.
I would ask you to turn to slide number 7 when I start to talk about each business unit. Here, the highlights is the Rent-A-Car business with operating results quite relevant. A record net revenue of BRL 732 million and with the scale we have now, an advance of margin that is very important of 10 percentage points. EBITDA all-time high BRL 458 million, growth of 96% year-on-year, showing that the Rent-A-Car market in Brazil has room to grow and increase prices. Revenue per car and EBITDA per car, if you take a look, EBITDA per car, almost BRL 1,800 per car, BRL 1,800, showing that everything we are doing will turn into company results a long time. On the next page 8, I am going to talk a bit about fleet management outsourcing, our GTF. Again, an all-time high net revenue.
We are talking about BRL 473 million. The background is, the investments that we have made. Nominal EBITDA also at a new record BRL 331 million of margins of 50%. EBITDA per car is a highlight, almost BRL 1,200. Remember that, a little less than a year ago, that was the revenue altogether per car. Now it's EBITDA per car of BRL 1,200. You see that the cycle of GTF is different from Rent-A-Car, which is a lot faster. Now we are going to talk about used car sales. Here we have some highlights. Again, the background here is what we had been expecting, a reduction in, used car margins.
It is true that this is being faster than what we expected, which is fruit, as Renato mentioned, of a tougher scenario in terms of our macroeconomy. Still, we could have record levels in two important points. First, the number of cars sold, more than 20,000 cars. We are being able to have about 50% in retail. We have kept to the average. Next, the average ticket growing to up to BRL 71,000. Again, as planned, we have been evolving quarter-on-quarter. With this, we have net revenue of BRL 1.4 billion, growth of 67% year-on-year. Again, a result of margins, but EBITDA going down -27%, although it's still strong, BRL 136 million in the quarter.
What is important when we take a look at SG&A is that we see the structural movement in the nine months and LTM third quarter. We see SG&A going down one percentage point, as we had mentioned before, with our capacity of reducing costs, which is very important for the used car business. Now I'm going to slide number 10, which is a very important slide, and that somehow quantifies what Renato mentioned in terms of fleet strategy and how that impacts company flows. Here we show the gap between the purchase price and sales price, consolidated numbers for the company. You see, as of the third quarter 2021, we were at BRL 24,000-BRL 25,000. Remember, that was a different cycle.
Now in the third quarter, because you have more availability of more economic cars, and because we continue to sell our assets better and better, the gap is reduced by half of what we had in the past 12 months. It makes a huge difference, first in the turnover of the fleet itself and also the company's cash flow. We already made the investment, as Renato mentioned, to expand and renew the fleet in a cycle where you can capture the growth of the market to our favor and at a better interest rate. That really helps in the mix altogether. Just to go a bit into detail, out of the BRL 12,000, GTF is a bit one point out of the curve because we had the implementation of pickups, so the difference is almost BRL 40,000.
That is very much connected to the deployment of more expensive cars in the quarter. That will translate into revenues in the future. Certainly, the highlight is Rent-A-Car. Rent-A-Cars with a new mix in purchase and sale, and the difference is already at BRL 5,000. The gap is at BRL 5,000. We are going to be able to, you know, turn over the fleet at a much lighter cash flow. On the next slide, again, we talk about the core of the business, which is EBITDA in rentals. Since in the beginning of the cycle, we have been saying that the main objective was to have EBITDA in rentals really change levels. We see this clearly on the slide.
First, when you talk about units, you're talking about a level of almost BRL 1,500, which is 40% higher than what we had last year. When you talk about nominal, the rental gets to close to BRL 800 million, that is BRL 789 million. Growth of 85% year-on-year. What is important here? It is the speed of transformation. We have been able to evolve in a relevant manner, both in the rent a car and GTF business. On slide 12, we bring you depreciation that we had mentioned before. If you take a look at the rent a car depreciation, you have 5,200 in 12 months, annualized, close to 8,000. That has to do with more recent purchases, as Renato mentioned, 2020 and 2021, very well positioned.
GTF, again, the strengths of GTF, we're being able to sell more cars in retail and therefore it translates in lower depreciation when you think in the whole of the GTF segment. Now we are going to cash and our amortization schedule. In the quarter, we raised BRL 2 billion. It has been part of our strategy, once again, going back 2 years in time, of carrying a relevant cash position to have the comfort to execute our strategy. It has to do with our discussions and negotiations with OEMs. Today, we have an average debt term of more than 6 years, and our coverage was more than 3.3 years. Again, the fruit of the strategy we took back then of having a schedule that gives us the comfort to execute our strategy.
Just as a reminder, in the quarter, there was an increase of our debt. We had mentioned that before. Along the next quarters, we are going to see more attractive costs when we talk about Movida debt. Leverage is stable, 3.1 times, considering everything we are doing. We are able to reduce the level of purchases. We had the acquisition of Portugal, and we continue to carry out our strategy with the long-term view that we have brought to the company. With that, I turn the call back to Renato to cover the last slide to make his final remarks. Thanks, Edmar. On slide 14, we have our return indicators. As I mentioned, return on equity LTM at 15%, cost of debt 8.7, a spread of 6.4. A slight drop compared to the second quarter.
This causes the depreciation and interest rates. If you think of annualized third quarter, you have a return of about 14%. Really very sustainable, as Edmar showed. It's important to mention that this strategy has brought the company to a new level in terms of sizes, profitability, maturity, operational efficiency, really preparing us for a new cycle. On slide 15, I'll bring you some details on the acquisition of Drive on Holidays. Remember that going international brings opportunities for our future strategy. It's part of our strategic plan. We had an acquisition of 3,300 cars in Drive on Holidays. This does not impact our capital structure in Brazil. Opens position to a new market that is very fragmented in Portugal, smaller than Portugal, 92,000 cars, fragmented with not a leading player.
We believe that our business model in Brazil with technology, customization, aligned to what we have there, can let us execute a very good plan in Portugal. The main point of this acquisition are their people. If you see the upper right corner, you have experienced management. We are not going to lose focus in Brazil. Independent management in Europe. Ricardo Esteves is the CEO and founder of Drive on Holidays. He's going to stay with us as a head of the operation. We invited Pedro d'Almeida, some of you already know him, his experience in the Rent-A-Car market in Brazil and the European automotive market, and he will work as CEO together with Ricardo to really move on with our plans in Europe in independent manner.
High margins, low costs, fixed expenses, and great exposure to individuals and the tourist sector. It's very similar to the Movida we bought in 2013. We also see a very positive future to work in Portugal, but also using Portugal as the entry to the European era. As we mentioned on Movida Day, we wanted to have exposure in strong currency. On slide 16, I'm going to talk about recognitions that reinforce Movida's credibility with regard to ESG. I talked about first place in sustainability. For the third consecutive time, we had the Gold GHG Protocol Seal. There are lots of companies starting to take inventory. We won for the third consecutive year.
Again, we are invited in COP 27 to present our case as a benchmark in transportation, which make us proud, but also increases the responsibility of seriously addressing ESG issues and particularly governance, which is really the basis of our strategic plans. On the next slide 17, we summarize what we have said so far, our strategic plans and our takeaway message. First, remember on slide 3, we talked about a new level achieved, which has to do with the discipline in execution, agility to adapt, capture opportunities, and execute our plans. That generated gains in two most important fronts. First, gaining new customers. We have 2 million new customers, really with satisfaction that has value.
In addition to renew the expansion of fleet, gaining scale, expansion of geographic coverage and closer relationship with OEMs, really having a very competitive positioning. I have no question that the company we have today is better and bigger than the one we had two years ago. In the bottom part of our slide, we continue confident that our strategy for a new market cycle will bring important gains for the company. First gain, fleet transformation. A bit of what Jamal showed that already started this quarter, a huge benefit of this new dynamics of cash flow and a mix of sizes and purchases. That will just improve and will contribute to return levels. We have this transformation and also the pass-through of prices, as well as seasonality that we know is coming with December and January. Finally, the last bullet, new platforms.
Drive on Holidays opens a new avenue of growth in a competition that is not so mature. It can grow with comfort organically and with financial discipline. SAT, which is the insourcing of 24-hour tracking and assistance that I said before. All that said, you have ahead of you a more mature company with many reasons to be proud of our results, the transformation we have achieved in the market. We have a view of generating value in the long term, and the numbers we are showing show the foundation of our business that we have been talking about since the IPO. Low penetration, ongoing cultural changes, and lots of opportunities of operational efficiency and still solid foundations. That's why I would like to thank you all for your trust, employees, their families, suppliers, creditors, investors that always believed in us.
These are the people that make the company and bring the results. Thank you, everyone. We are sure we are on the right track. We doubled the company, but this is still a company being built with vision and commitment to generate value and focus on the long term. Thank you very much. Now we are going to open for your questions. Ladies and gentlemen, we'll now start the Q&A session. To ask a question, please press star one. To remove your question from the list, press star two. Our first question comes from Guilherme Mendes from J.P. Morgan. Hello, Renato, Ed. Good morning. I have two questions. First, about car prices. Perhaps it's a twofold question. The depreciation of BRL 8,000 in the Rent-A-Car, is it a new level from now on? Is that what you see for the coming months?
Also used car margins. How fast this is going to fall and to what level? Do you think that you reached the bottom, or do you think that you're going to go down more? Thanks for your question. Car prices has to do with depreciations. I think that the trend is that we are going to buy better in 2023, so the depreciation is transient. Part of the cars we are buying continue with higher depreciation, but as the purchase conditions improve, we are going to have different depreciation levels. I think it is transient and reflects the mix of our fleet. There is something that we don't disclose, but depreciation is different according to the kind of car. When we advance the renewal of a type of car, that changes the overall depreciation rate.
Changing mix tends to improve depreciation, especially when you talk about absolute numbers because you're trading a more expensive car with a less expensive car. Margins, normalized margin, we believe it is a bit between 1%-5%. That is normal for the industry. We don't work to make money with the used cars, but we have been conservative to try and extend this drop as much as possible. This is something that is expected that makes the market, and we offset it with the growing of daily rate and also the growth of sales of used cars. Because when you look at the volume as a whole, as used car sales go up, we have the dilution of SG&A for the bit of used cars, and with that, we can keep a good used car sales margin for the new cycle of the company.
Okay. Makes sense. Thank you very much. Our next question comes from Regis Cardoso from Credit Suisse. Hello, Edmar, Renato, good morning. I would like you to talk about the depreciation. Now you're especially with the Rent-A-Car, depreciation is going up. I understood from your previous question, for the next year you are targeting a positive EBITDA that will be quite substantial in the used car sales, perhaps even above the 5% that you consider normalized. I would like to know if I'm correct in my understanding. Then two more questions. One quick one. Is there anything you can do now, perhaps in terms of liabilities, to try and decrease the cost of financing?
The other question, in the cars that you're buying now, you have the advantage of buying a cheaper car because in the cash flow dynamics you release cash and you deleverage. On the other hand, if you have the same number of cars, you would reduce invested capital and therefore net income and all other methods. I suppose this is not you want to do. I don't think you want to decrease invested capital. You're probably thinking of an absolute growth in number of cars with a lower ticket. Is that it? Am I getting it correctly? Could you give us any color in terms of fleet expansion? Okay, Jesse, thanks for your question. Used car sales margin for 2023, we believe, will go back to normal. So depreciation normalized margin, positive margin within normal.
Purchases versus price and income at different cars. Edmar is going to talk about liabilities later on. In purchase, we buy cars, but based on demand we see with higher interest rates, the difference of price between more economic and more expensive prices increase and therefore we see a difference in prices. That's why we are increasing our prices. That will more than offset a changing mix. The daily rental and revenue per car will go up even with an adjustment in our mix. We see market fundamentals to continue to expand our fleet at a lower pace because higher interest rates do not favor growth, but growing. We are not going to disclose the numbers, but that is what it is. I'm going to let Edmar talk about the liabilities. I have some comments with regards to liability.
First, the whole cash flow dynamics. Sell a car whose price increases every day and the sales price going down generates a positive pressure on cash flow differently from what we had in the past 18 months when we were expanding the fleet. That makes, at the end of the day, for the cash flow to change its profile. With that, you have less need to go to market a long time, which again is different from what we did in recent quarters when we went to market regularly. Technically speaking, in terms of accessing the market, we are going to go to market less frequently in the short term. This is one thing. As for the market as a whole, our interpretation is that in the current scenario we had an increase in spread. You're talking about two opposite movements.
In the end of the day, we have a neutral effect, I believe. But in the midterm, with this dynamic of cash flows being confirmed, we should capture some benefits in our liability. But again, we have a debt volume of BRL 10 billion-BRL 11 billion for us to have and you know, a midterm of six years. So in the short term, we are not going to have any major gains there. Okay. Makes sense. Thank you very much, Renato and Edmar. Thank you. Our next question comes from Rogério Araújo from Bank of America. Thanks for taking my question. First, just a follow-up on the used car sales. We saw a reduction of the spread between purchase and sale to something that's a bit more normal, pre-COVID levels.
We saw that the company did not really serve the increase of price of cars in the last quarters. From what I understood from Renato's answer, and I would like to confirm that, this faster normalization of spreads between purchase and sale comes more from Movida accepting less discounts in purchases than worse sales conditions now. Is that right? Because you talked about those contracts as rollover, better terms. Do I see it right? There was a lower discount in the purchase 4, 5 quarters ago, and now you're more back to normal. Could you please mention something about normal levels? Is it pre-COVID levels, or is it something in between today and pre-COVID times? Just so this question now, and then I'm going to ask my second question. Thanks, Rogério Araújo.
The main effect is mix. You do have a reduction of discounts post-pandemic. Now you have better discounts, not exactly what you had pre-pandemic, but some OEMs are very close to what it was then. The effect of the BRL 12,000 that you see is mix. The discount is not really material to explain this difference there. Here, what we're talking about is mix in purchase and sale. Today, we have a better mix than the average tickets, and I sell at a positive gross margin. This is what I have in my balance sheet. The sales price will continue to grow, and we see an opportunity of buying at a lower price. Of course, the cars that are more expensive will depend on GTF contracts. Okay.
Do you think that was a negative surprise, the more premium mix of cars that was bought now perhaps are not as appealing as economic cars? Was it a negative surprise that you had? Not really. It was part of the strategy. It made sense for the company. With low interest rates, the cost of having a cheaper or a more economic car is not that different. These cars generated value for the company and regrew the company buying those cars. It was quite positive. They will generate another benefit, which is in the cash flow when I have the renew and I bring a mix that was close to what I have.
We are going to have the cars the customers need, but we see with today's consumer habits, corporate fleets coming back, we have more demand for economic cars. With that, we are going to have an extra benefit. I don't know if I was clear. Yes. If you allow me a second question about PIS and COFINS credits. We are estimating about 17-18% of revenues above the PIS-COFINS tax bracket. Do you think this level will continue, and do you want to use the credits above the tax bracket of 9.25%? How would you use such credits? Okay, Rosario. This is Edmar. First, in our math, we have 2-3 percentage points lower in the Rent-A-Car credit.
The answer, yes. Yes, we want to use this tax credit. Again, at, when we have a transformation of revenue, increase of prices, you were talking, in the future of a generation of debt that is also different. We want to continue using the credit, so the answer is yes. Okay. Thank you very much. Very clear. Thank you very much. Our next question comes from Gabrielle Rezende from Bradesco BBI. Hello, everyone. Can you hear me? Yes, Gabrielle. How are you? I'm fine, thanks. I'm from Itaú BBA. I just have a question. Perhaps I had a problem in my connection. I think the rent a car was the main highlight of Movida in the quarter. Could you explain a bit more about the trends for the third quarter?
If you compare the same base, thinking of the sub-segments that you have in the rent a car business, what really pulled daily rentals up? How is the competitive scenario? To understand the dynamics on the same base, that explains the 10% growth that you had in daily rentals. Then going back to used car sales, if you could share your opinion about what we are seeing in terms of negative trends in used car sales, and if you could break down what is a macro trend at the market as a whole, and what is, you know, the availability of brand new cars, opening the gap, I'm sorry, in prices between new and used cars, just for me to think of future sales prices. Okay, Gabriel. Thanks for your question. Rent a car.
The increase of daily rentals is for all segments. Of course, the ones that had the lowest price had an even higher increase. We continue with demand in all segments, and this is what is most important. We see a very rational competition. We are able to charge fair prices and growth, you know, changes the segment according to the price you have. We focus on the return of each segment, and we maximize margins, you know, focusing on segments with the best margins. Movida is very much focused on digital and individuals, but we have also been growing in corporate segments, especially for those clients that want a newer fleet and an excellent level of service nationwide. This is our value proposition, our low cost per car and with the best cars in the market at a fair price.
Low cost segments, apps, and et cetera, we have a very small share. Of course, we have demand. We have clients that were large clients and want to increase penetration but at different price, and we don't want to decrease price. We have to increase prices. Because there are other segments, we are very confident about our plan. Used car sales, negative trends. It's not a negative trend. We are going back to normal. We had a cycle with EBITDA margin that was more than 20%. No one thought that would last. It was a one-off situation, and we were aware of that. We knew it was going to pass. It depends on the normalization of the manufacturing industry and of the market, and this is just happening a bit faster than expected.
A normal single digit in EBITDA margin for the used car market, which is what we expect for 2023. We delivered good margin in used car sales above normal, but it dropped faster than expected. That's it. This is based, you know, on the macroeconomic scenario, especially because you have purchasing power going down. The industry is adjusting, producing more economic cars. They wanted to manufacture higher end cars and had to adapt. That's it. The distance between a used car and a new car price continues the same. As you have discounts in brand new cars, you have in used cars. Discount rates can go up and down, but they also, they always walk hand in hand. I don't know if I was clear and answered your question. Yes, very clear.
Thank you very much, and congratulations on your results. Thank you. Our next question comes from Felipe Nielsen from Citibank. Hello, good morning, good afternoon. Thanks for taking my question. I have a follow-up and a question. The follow-up is with the growth of fleet. You mentioned that you still want to expand the fleet, but in a more challenging scenario looking forward. I would like to understand that a bit more. You don't have the number, I understood. But is your guidance for 2025 is still within your expectations? And how much should we expect in terms of fleet growth, giving all the dynamics in the purchase and sales of cars? And the second question about you going international.
I would like to understand a bit better which factors you consider to find in the international market, particularly in Portugal, that makes you confident to grow in the market. I believe that you're thinking about growing outside the airports. This is a market that's very much concentrated on the airports, and the companies that tried to leave didn't do so well. I would like to understand what factors make you believe that a market abroad is going really to mimic somehow what is the car rental market in Brazil. Ladies and gentlemen, please wait. We are going to reestablish the Movida's connection shortly. Thank you very much. Speakers, you can use your lines to continue talking. Thank you very much. Now we are back to normal. Now I think we can connect to the questions again.
I'm very sorry we had a problem with connection on our side, okay? It seems that we are back. We apologize. Wait for your questions. Operator, can you hear us? Do we have questions? To ask a question, please press star one. Our next question comes from Victor. I have two questions. The first is going back to this issue of the fleet of 2022. Can you tell us the total difference if this scenario that's a bit more difficult for used car sales comes from a specific OEM. Do you think that too what has changed is that OEM pass through prices to direct consumers just to have more sales? Then your return on invested capital you showed in the third quarter about 15%.
If you consider annualized third quarter numbers, what would that be? If you look into the future, as you mentioned, you should have a change of mix in your fleet. That happening, you're probably going to have a bit more freer capital. You'll have, instead of more premium, more economic cars. You're going to make this change, and you're going to free more capital. Should we expect that to have a positive impact on your return on invested capital? Okay, Victor. Thanks for your question. First, about fleet and what happened to price. Because we still have low availability of cars, OEMs were pressuring on prices and focusing on margins. All cars being sold without discount and even some spread.
Production started to go back to normal, and we saw that in the third quarter. Everybody believed that people were not selling more because there were no cars. There was not much of a pressure for prices. When we had more cars, sales did not increase, and then they started to have other discounts to foster retail. That is what is going on along the third quarter. In parallel to that, everybody sees that the macro scenario is more challenging, and they will depend on direct sales. Everybody believes in a change in consumption that really encourages rental. This is good for us because we have a production plan for 2023 that is higher than 2022. These additional cars will come to the industry.
As for the return on invested capital, the third quarter normalized would be about 14%. Change in fleets will bring an important benefit in returns. You know that interest rates went up. The normalization of used car prices is still not yet totally completed. We have this as a positive point and also the evolution of the rental business to support return levels in the short term. What we see is a scenario for 2023 that is going to be more positive in the long term than what we saw in the past. We are going through a movement of transformation, of transition, but the future seems to be better than what it is today. Okay, Renato, let me ask a question, if I'm not mistaken.
The deadline for companies to enjoy FAIR was the end of October, if I'm not mistaken. Have you joined the program? No, we have not. Okay. Thank you. Our next question comes from the webcast, from Felipe Pinheiro from Polo Capital. Good afternoon, everyone. Could you talk a bit about the impact of your results of derivative operations for rates and interest rates? Could you talk about the average recurring cost of debt? Hello, this is Edmar speaking. Okay. First, the impact of derivatives. You have that in the press release. Basically, they transform the debt eventually in other currency, which is the case of the bonds, and more recently, the resources raised into CDI. You have to see the combined results. They are in different lines.
So much so that for the bond, we have 150% of the CDI approximately, and the recent debt, CDI plus the spread, again below 3 percentage points, which in the margin is what we show. When you take a look at the average cost currently with that were issued at a lower spread rate, we are at the CDI plus 12.5. This is my comment with regards to interest rates and spread. Thank you. As a reminder, if you have a question on the phone, just press star one. To remove your question from the list, just press star two. Our next question comes from Ivan Itabaranski from BTG Pactual. Please, you may go on. Hello, everyone. Good morning. Thanks for taking my question. I would like to try and understand the depreciation in the Rent-A-Car business.
You had a substantial increase. I would like to understand if it is 9.2 is the normalized rate from now on, or if you're going to go down. Hello, Ivan. Thanks for your question. As we mentioned, this is a transient rate until we adjust the mix and we can buy cars with a lower rate a long time. This is an interim rate. It is going to last for some time until we are able to transform our mix, as of 2023. Any idea of what would be a normal rate? Because in the past, we were considering 5%-6%. I think it depends a lot on what kind of purchase agreements we are going to close, because the discount has an important point. I think the normalized number should be what you're saying.
Now, how long we are going to take to get there, this is something that we are still considering. Okay, thank you very much. Thank you. Our next question comes from Lucas Barbosa from Santander. Hello. Good morning, Renato. Good afternoon, Ed. I would like to understand what Movida expect from suppliers in this next quarter. There was a drop quarter-over-quarter, also reflecting a lower pace of purchases and a more normal mix. What do you expect for the future? Do you expect more evolution, or do you consider it's going to be more or less stable in, as we saw in the third quarter of BRL 1.6 billion? What should we expect there from now on? Thank you very much. Lucas, this is Ed speaking. Good morning.
The reduction is important, and it is related to one, a lower purchase levels. That is, we've reduced our purchase, but also a lower purchase price that Renato mentioned along the presentation. For the future, we are going to have a direct result from our volumes. We imagine that the price is going to continue stable or slightly down. Now in the short term, we are probably not going to have any major variation. As Renato mentioned, we are still discussing levels for next year. Stable eventually can go up and down slightly, but a long time we are going to put growth. Then you're talking about the second half of 2023. Okay, thank you very much, Ed. Good afternoon. Thank you. There are no more questions, so now we are going to turn the call to the company's management for the final considerations.
Well, good afternoon. Thank you very much. Once again, we apologize for the connection problems. We continue confident, and it is what we said. We have a company that is bigger, that is better, that is more mature, and that is very well-positioned to capture the fruit of the new cycle ahead of us. I thank you very much for your trust. Let's move on. There is still a lot to be done. Good day, everyone, and see you next time. Movida's conference call is now closed. We thank you very much for joining and wish you a good afternoon.