Two men killed in an early morning shooting in a parking lot outside a stag party north of Toronto have been identified, and police believe the slayings were targeted hits.

The victims were identified as Salvatore Calautti, 41, and James Tusek, 35, both of Toronto.

York Regional Police said shots were fired at about 1 a.m. Friday at the Terrace Banquet Centre at 1680 Creditstone Rd., near Jane Street and Rutherford Road in Vaughan.

One man was shot in the head as he sat in a black BMW SUV. He was without vital signs when police arrived at the scene.

Police said the second victim in the same vehicle was shot in the stomach and later pronounced dead at Sunnybrook hospital.

A tow truck carts away a black BMW SUV in Vaughan after two men were fatally shot in a parking lot early Friday morning. (CBC)

Const. Blair McQuillan, of York Regional Police, said police are still appealing for witnesses, as many people were nearby when the shooting occurred.

"At the time, there was a bachelor party taking place," McQuillan said. "Investigators believe there were between 100 and 500 people on scene, closer to the 100 mark at the time that this incident actually took place."

Anyone with information is asked to contact the homicide unit at 1-866-876-5423 ext. 7865 or Crime Stoppers at 1-800-222-TIPS.