The Niagara Falls Police Department named the couple as Kurt P Villani and Monica Villani, both 53, of Grand Island, New York, a Buffalo suburb close to the falls.
Online business records and the company website indicate the victims' family owns Gui's Lumber and seven Ace Hardware locations in western New York, his family operating the business since the mid-1980s.
A man who answered the phone on Friday at a number listed for Gui's Lumber declined to comment.
Authorities have not yet released details on what exactly led to the couple's crash on Wednesday at the Rainbow Bridge, where their car raced through an intersection, hit a low median and was launched through the air before slamming into a row of security booths and bursting into flames.
The wreck prompted widespread concern on both sides of the border, as video and images of what appeared to be the aftermath of an explosion began to circulate online and officials closed the bridge and three other crossings in the area.
Authorities investigated for several hours before the FBI's Buffalo office said it found no signs the incident was a terror attack and turned the case over to local police as a traffic investigation.
CBP is working closely with — CBP (@CBP) @FBI, federal, state & local partners in response to a vehicle explosion at Rainbow Bridge which remains closed. Out of abundance of caution, CBP temporarily suspended inbound/outbound traffic at 3 other Buffalo crossings that have since reopened. pic.twitter.com/pTXyUsavRBNovember 22, 2023
The Niagara Falls Police Department has said the investigation will take time to complete given the complexity of the crash.
The agency issued a statement on Friday that named the victims but contained no other details.
"The City of Niagara Falls would like to extend our sincere condolences to the families as they deal with this tragedy," the statement read.
New York governor Kathy Hochul has described the crash as "surreal" and said the vehicle was "basically incinerated" with nothing left but the engine and a scattering of charred debris.
"You actually had to look at it and say, was this generated by AI?" Hochul, a Democrat, said at a news conference on Wednesday.
"Because it was so surreal to see. How high in the air this vehicle went, and then the crash, and the explosion, and the fire."
The safety measures tied up traffic at a nearby airport in Buffalo and elsewhere on one of the busiest US travel days of the year, ahead of Thanksgiving holiday.
The bridges were later reopened.
About 6000 vehicles cross the Rainbow Bridge each day, according to the US Federal Highway Administration's National Bridge Inventory.
The short, steel bridge offers scenic views of the falls.
