Just two brands accounted for almost half of the Colombian market at the end of Q3 2011.

In a market expected to be up 39% to a record 320,000-plus units this year, Chevrolet (33%) and Renault (15%) accounted for 116,291 vehicles of the 242,399 so far.

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Scrutiny of Econometría statistics suggest this is due to the the wide product lines, relatively low-cost locally assembled models and the strong positioning of both brands.

The remaining half of the market is contested by at least 50 other brands, in which the top sellers are Hyundai (9.0%), Kia (8.4%), Nissan (7.2%), Toyota (4.2%), Mazda (4.2%), Ford (3.1%), VW (2.6%), Dodge (0.9%) and BMW (0.7%).

Despite the Colombian peso devaluation against the US dollar, 1,750 to 1,950 in just a month due to the ongoing global economic crisis, there is still enough market momentum to hit the 320,000 record as GDP is at 5% and growing.

In fact, premium brands grew 46% in the first nine months, a clear sign of the economy’s good health. This segment, close to 5,000 units sold, represents 2% of the market and is led by BMW (36%), Mercedes Benz (28%), Audi (20%), Volvo (11%), Land Rover (2%) and Porsche (2%). While BMW is the premium top seller (1,786 units), Mercedes Benz is the best performer (+93% YTD) and displaced Audi from second place.

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All this market activity will slowly change in the next 10 years as the FTA agreement between the US and Colombia takes affect. Approved last week, the treaty will take at least a year to be implemented and another nine to tier down Colombian tariff barriers on vehicles. The tariffs on American vehicles will be gradually removed at 3% per year.

Last month’s launches were the Hyundai Veloster, BMW 6 series coupé, Citroën C4, Honda Civic ninth generation, Subaru XV and Geely EC7.