A holesaw mandrel assembly has a mandrel with a first shanking end, a body, and a second extending end that includes a threaded spud to receive a holesaw. A first member is secured on the second end. The first member is axially slidable on the second end. The first member also includes a friction surface to contact the holesaw. The friction surface moves between a first engaging position and a second disengaging position. A mechanism on the mandrel moves the friction surface between its engaged and disengaged positions. The mechanism includes a biased collar and a bearing race. A mating connection enables rotation of the collar which, in turn, enables the friction surface to move between its engaged and disengaged positions.