Arbor assembly includes a fixed arbor section and a removable arbor section each including a pair of longitudinally spaced apart cylindrical pilot surfaces of different diameters spaced the same distance apart. Between the pilot surfaces on each arbor section is a guiding taper to aid in aligning the pilot surfaces so that such pilot surfaces freely engage each other during assembly. Longitudinally spaced locating tapers on the arbor sections are engageable by longitudinally spaced bearing surfaces on the workpiece for concentrically locating the workpiece between the arbor sections. A floating collet transmits a clamping force to the removable arbor section to urge the removable arbor section toward the fixed arbor section to clamp the workpiece between such arbor sections while the collet is in a free state without any flexing of the collet fingers. Upon release of the clamping force, the collet fingers are free to flex to permit the removable arbor section and workpiece to be assembled onto and removed from the fixed arbor section. A lost motion connection between the collet and fixed arbor section prevents removal of the collet during removal of the removable arbor section and workpiece from the fixed arbor section.
