Pick 'n Pay boss Sean Summers who was trapped doing 186km/h in his Ferrari.
"I'm now in Cape Town and the Ferrari is in the garage in Johannesburg. I'll make sure I'll not drive at such a speed in that car again."
He told Ina Opperman that he was very sorry about his road behaviour.
"It was inexcusable, driving so fast, regardless of where I was going."
Inspector Kobeli Mokheseng of Ekurhuleni metro police said Summers was arrested near the Linksfield turn-off on the N3 in Edenvale on the East Rand after he drove his Ferrari at 186km/h in a 120km/h zone.
Mokheseng said Summers apparently had told Metro police he had missed his flight and he was trying to get to Cape Town on time.
Paid R3 000 admission of guilt
Summers was arrested and Mokheseng said he was held in cells for a while before being released on R1 000 bail.
He was scheduled to appear in Germiston magistrate's court on charges of reckless driving on Monday.
His attorneys, Boela van der Merwe Attorneys, said Summers paid a R3 000 admission of guilt fine on Monday and wasn't present in court.
Police spokesperson Eugene Opperman said: "The R1 000 bail will be given back to him."
Summers said it was the first time since he started driving that he had been caught travelling at such a high speed.
He said his blood-red Ferrari was just 10 months old and had only 1 400km on the clock, because it was more of a collector's item than a car he daily drove to work.
He said the charge of reckless driving was withdrawn on Monday and he paid the fine.
Summers was arrested along with seven other motorists who drove between 181km/h and 211km/h.