The car was later caught on camera being driven erratically along the A435 towards Birmingham.
The owner of the car was not hurt during the robbery which happened at around 1pm on Friday (9th October), Warwickshire Police has said.
The suspect is described as an Asian man, who called himself Ali. He is believed to be in his mid to late 20s, of a slim build, around 6ft 3in tall with a well-trimmed beard or facial hair, and short cropped hair.
A witness had apparently seen the same man 30 minutes earlier, parked near Johns Close in a 2011 white Mercedes CDi car. He was initially in the driver’s seat with two other men as passengers.
Police would like to speak to anyone who may have witnessed any suspicious behaviour around the area at around the time of the incident, or who may have any information on the Mercedes or the VW Up.
They have been urged to call police on 101, quoting incident 182 of 9th October.
Information can also be provided anonymously to the independent charity, Crimestoppers on 0800 555 111.