A mandrel is disclosed for securely holding a screw bit during use, but allowing easy removal of the screw bit for replacement. The mandrel includes a socket having a chamber housing a locking mechanism such as a split-ring. The mandrel further includes a release mechanism such as one or more ears for moving the locking mechanism from a first position where the screw bit is held within the socket and a second position where the screw bit may be removed from the socket.