A toolholder tightening fixture for selectively engaging a V-flange toolholder is provided. The fixture comprises a ball lock collar movably coupled relative to a housing and includes an inner surface having a recess formed therein. A lock housing is fixedly coupled with the fixture and is positioned within the ball lock collar. The lock housing includes at least one radial bore and is configured for receiving the toolholder. A lock ball is positioned within the radial bore of the lock housing. The ball lock collar is moved to an unlocked position when the lock ball is positioned in the recess in the ball lock collar to allow the toolholder to be inserted and removed from the lock housing. The ball lock collar is moved to a locked position when the lock ball is removed from the recess and placed in engagement with the toolholder.