Members of the Clare Estate Action Committee (CEAC) were called on scene by residents, they found the man lying on the floor with several stab wounds and assisted him with first aid.
According to police spokesman, Col Thembeka Mbhele, the victim was seated in his stationary red BMW when he was approached by unknown suspects who were traveling in a grey VW Polo.
KwaZulu-Natal acting provincial commissioner, Major General Bheki Langa, praised the members for their swift reaction to the robbery that led to the arrest of two suspects.
In addition to this, a total of 42 assorted live rounds of ammunition were seized.
While patrolling along Lancers Road Market, police officers received information about an armed robbery suspect that was around the area.
The arrested suspects, aged 26 and 35, were charged for armed robbery, possession of unlicensed firearm and ammunition.
According to Lt Col Zwane, residents are sensitised to be cautious when buying vehicles from private sellers who advertise on various media platforms.
Hassin Ismail Randeree, 71, was held at gunpoint and his Mercedes Benz and other belongings were taken in a hijacking which happened on Canon Avenue, Tuesday night.
Great police teamwork together with assistance from the Police Airwing and K9 Unit yielded positive results following the arrests.
Sydenham SAPS communications officer, Cpt M Lazarus said police are working around the clock to get the perpetrators behind bars.
Over 200 protesters blocked local roads with burning tyres and rubble, preventing motorists from getting to their destinations.