A holesaw mandrel assembly comprising: a mandrel having a body with a first end for coupling with a drill motor, a second end extending from said body, said second end including a mechanism for receiving a holesaw; a first member (14; 216) on said second end, said first member axially movable on said second end; a friction surface (52; 216) on said first member (14; 216), said friction surface (52; 216) adapted for contacting a surface on the holesaw such that upon contact with said friction surface (52; 216), the holesaw is in a fixed position, said friction surface moving between a first and a second position; and a mechanism on said first member (14; 216) for moving said friction surface between said first and second positions; it further comprises a housing (214; 14) covering a portion of the mandrel, said housing coupled with said mandrel, said first member coupled with said housing (214; 14), wherein said mechanism associated with said housing (14; 214) further comprising a slider assembly associated with said first member (14; 216) and a release member (82; 274) coupled with said slider assembly, said release member moving between a first and second position for locking and unlocking said slider assembly in said housing; characterized in that said slider assembly further comprising a plate having first and second sides, an aperture in said plate for receiving said second end of said mandrel, said aperture sized to enable movement of the plate laterally with respect to an axis of the mandrel, a pair of roller assemblies (98; 100; 102) arranged on said plate first and second sides, respectively, one of said roller assemblies (98; 100; 102) sandwiched between said first member and said plate and the other roller assembly sandwiched between said plate and said mandrel body. a mandrel having a body with a first end for coupling with a drill motor, a second end extending from said body, said second end including a mechanism for receiving a holesaw; a first member (14; 216) on said second end, said first member axially movable on said second end; a friction surface (52; 216) on said first member (14; 216), said friction surface (52; 216) adapted for contacting a surface on the holesaw such that upon contact with said friction surface (52; 216), the holesaw is in a fixed position, said friction surface moving between a first and a second position; and a mechanism on said first member (14; 216) for moving said friction surface between said first and second positions; it further comprises a housing (214; 14) covering a portion of the mandrel, said housing coupled with said mandrel, said first member coupled with said housing (214; 14), wherein said mechanism associated with said housing (14; 214) further comprising a slider assembly associated with said first member (14; 216) and a release member (82; 274) coupled with said slider assembly, said release member moving between a first and second position for locking and unlocking said slider assembly in said housing; characterized in that said slider assembly further comprising a plate having first and second sides, an aperture in said plate for receiving said second end of said mandrel, said aperture sized to enable movement of the plate laterally with respect to an axis of the mandrel, a pair of roller assemblies (98; 100; 102) arranged on said plate first and second sides, respectively, one of said roller assemblies (98; 100; 102) sandwiched between said first member and said plate and the other roller assembly sandwiched between said plate and said mandrel body.