According to local fire and rescue services, the alarm was raised at 2.51am on Monday morning, with fire-fighters from Faro and Loulé dispatched to the scene along with GNR police.
The company in question, Luz Car, is based in Lagos, but also uses some of the car parks alongside the dual carriageway leading up to the airport to store vehicles in the off-season.
No injuries were reported in the fire which has been passed on to PJ police detectives to further investigate.
Police have so far refused to speculate on the causes of the fire.
But reports this week indicated that the lack of street lighting in the area and the inability of many of the companies to employ security guards around the clock have in the past seen several cars vandalised or damaged.