The crash occurred between the Crown Range summit and Cardrona village about 2.40pm.
A Wanaka police officer said he believed the car was travelling too fast when it hit grit laid in anticipation of ice and spun out.
A police spokeswoman said the car ended up on its side, blocking the northbound lane for a time.
Firefighters from Wanaka and Arrowtown were sent to the scene, but were turned around before they arrived, a Fire and Emergency NZ spokesman said.