The search and rescue team was scouring the area where the car was found.
Earlier, police said Lowe could be as far as 400km away from his Portsmouth Dr workplace, where he was last seen on Friday, police say.
Det Sgt Leigh earlier said police had received reported sightings of Lowe or his black BMW hatchback - registration HHR892.
Lowe, who had returned to work on Thursday following a 13-day holiday with his wife, told his boss he was "popping out for two minutes" about 10am and never returned.
His bank cards and mobile phone had not been used since.
• Anyone with information can call Dunedin police (03) 471 4800 or Crimestoppers 0800 555 111.
