Police said the Wairarapa man's body was found after emergency services were called to the scene.
Inquiries into Rance's death are continuing.
He was last seen at midnight on Saturday leaving a function in Gladstone Rd, Gladstone, Wairarapa in his black BMW saloon, registration KWZ186.
He had not turned up to work and his family and police were concerned for his wellbeing.
Andrew Rance and his car, pictured, had been missing since Saturday. Photo / NZ PoliceAccording to Facebook posts, Rance was last seen at a wedding reception at the Gladstone Sports Complex in the Carterton District.
He is a gunner in the New Zealand Army and lives in the military barracks in Linton, Palmerston North, according to a friend.