Bit retaining system for rotary tool

A bit retaining system for retaining a bit in a rotary tool, the system comprising:

• a collet assembly including:
• a spindle operable to rotate about a spindle axis, the spindle comprising an internal channel and having a threaded external surface;
• a collet disposed within the internal channel and operable to receive a shank of the rotary tool bit, the collet being configured to move axially with respect to the spindle;
• a collet nut in threaded engagement with the threaded external surface of the spindle, the collet nut restricting the axial movement of the collet with respect to the spindle, and having a plurality of gear teeth that define a collet gear;
• a spindle gear longitudinally spaced from the collet gear along the spindle axis and including a plurality of teeth;
• and
• a control assembly comprising:
• a support post including a plurality of guide notches;
• a displaceable member including a base and a plurality of legs extending from the base, the displaceable member being slidably and rotatably mounted on the support post allowing the plurality of legs to slide along the plurality of guide notches;
• and
• a control gear rotatably mounted to the displaceable member and supported on the plurality of legs;
• wherein the displaceable member is configured to move from a first gear position, in which the displaceable member is disengaged from the spindle gear, to a second gear position, in which the displaceable member is engaged with the spindle gear, and
• wherein, when the displaceable member is in the second position, a rotary force applied to the control gear causes a corresponding rotation in the collet gear to drive the collet nut axially along the spindle.