An Ottawa-area businessman who went missing in Mexico more than a week ago has been found dead in the trunk of his torched rental car, his family said on Sunday.

Relative of Daniel Dion confirmed to CTV News that his body was found in the trunk of a completely burned rental car.

"Considering what we know and have seen, the people that killed Daniel were professionals and went greatly out of their way to leave as little trace of the vehicle and his body as possible. This leads us to believe it was a contract execution," the family said in a written statement.

One of the car's licence plates was not burned, allowing police to identify the vehicle as the same white 2010 Jetta rented by Dion during his stay in Mexico.

As the CEO of the Mexican-based company Ecopurse, Dion was a frequent traveller to the country. He had been in Mexico since September 28, for a month-long trip to promote his line of luxury purses made from recycled materials by Mexican prisoners.

Dion was last heard from on Friday Oct. 22, when he called his wife.

He was last seen at his favourite restaurant in Acapulco in the early hours of Saturday morning, but did not make it to a business meeting the following day. Somebody tried to use his credit card that day, but the card was declined.

His family knew something was really wrong when Dion missed his flight home last Tuesday.

It's believed Dion was carrying between $500US and $5,000US cash in his pocket the night he disappeared.

Frustrated by the slow pace Mexican and Canadian officials seemed to be taking in their investigation family members, including Dion's brother Gaetan Dion and his nephew Shanny Bolduc, travelled to Mexico last week to conduct their own search.

The family had previously complained about complacency among Acapulco authorities, but credited Guerrero state police with finding Dion's car about 130 kilometres north of Acapulco on a road in Zumpango del Rio.

"Our concern was with the trunk as everything in the auto had melted, the dash the windows," Bolduc in the letter distributed to media. "Through the holes where the turn signal lights were we saw what seemed to be bones."

They found a watch, believed to be Dion's, among the charred debris, but are now awaiting theresults of DNA tests to confirm his identity.

Dion's family says the 51-year-old Sherbrooke, Que.-native was an influential businessman who knew many high-level government officials, including the Mexican president.

Dion, who has a home in Carleton Place southeast of Ottawa, also maintained a residence in Taxco, Mexico.

Members of Dion's family are expected to meet with Canadian consular officials in Mexico Monday, to make arrangements for the return of his body to Canada.

The Department of Foreign Affairs in Ottawa said on Sunday that it's aware of "new developments" regarding the case, but would not confirm any details.

Department of Foreign Affairs spokesperson Melissa Lantsman did, however, caution Canadians planning to visit Mexico.

"Canadians travelling to the state of Guerrero, amongst others, should be particularly aware of their surroundings, monitor local news, and provide friends or family in Canada with their itinerary," Lantsman said.

While Acapulco remains a popular destination for sun-seeking vacationers, it has been caught in the violent crossfire between two rival factions of the crumbling Beltran Leyva drug cartel.

With files from CTV's Karen Soloman in Ottawa and The Canadian Press