The driver of the yellow Skoda Fabia, Joshua Parkes, 21, and rear seat passenger Lucy Tibbetts 16, were pronounced dead at the scene on Bromley Lane at about 8.50pm on Tuesday.
The family of the other 16-year-old girl who died do not wish to release her name at this stage and have asked for their privacy to be respected.
Two others injured, a man aged 18 and a girl aged 16, remain in hospital. The man is in a critical condition and the girl is in a stable condition.
A police car was nearby when the crash happened but West Midlands Police was today unable to clarify whether it had been chasing the Fabia.
The force previously said officers had seen the vehicle but not spoken with the people inside or pursued it, before changing the statement to say "it is not known if there was any interaction with the Skoda" and that the role of the police car is being investigated.
A police car was pictured being removed from the scene on Tuesday night on a low loader.
Investigators from the Independent Office for Police Conduct visited the scene, a spokesman said.
He said: "We were notified on Tuesday evening by West Midlands Police of the fatal collision in Kingswinford. We sent investigators to the scene and the police post-incident procedure to carry out an assessment.
"We are further assessing a referral from the force before deciding whether the IOPC needs to carry out an investigation. Our sympathies go out to all those affected by this tragic incident."
Dozens of bouquets of flowers and balloons have been placed around the tree and family and friends have been visiting the site.
One resident, who wished to remain anonymous, said: "It is so sad. We heard all the sirens and flashing blue lights last night. It's really not good.
"It's just horrific, so awful for their families."
And Tony Bowles, the chief executive officer of Invictus Education Trust posted online to say four of the five people involved were former Invictus students.
He said: "This morning (Wednesday) we received the desperately sad news that five young people were travelling in a vehicle that collided with a tree in Kingswinford.
"Two teenage girls and a man in his 20s (the driver of the vehicle) lost their lives at the scene. For us this tragedy has been made all the more painful after we received the news that four of the five people involved were former Invictus students.
"It is with a heavy heart that we are to announce that the two teenage girls were former students of Crestwood School and Wombourne High School.
"We would like to extend our most sincere condolences to the families, our thoughts and prayers are with you and we are so sorry for your loss, two wonderful young ladies who we were immensely proud of.
"Two other former students were also involved in the collision and are currently in critical condition in hospital, again our thoughts and prayers are with their families, everyone at Crestwood, Wombourne High School and Invictus Education Trust are hoping and praying for a swift and full recovery."
PC Chris Ridge, from the collision investigation unit, said: "This is a devastating time for the families of those involved, and we have specially trained officers who are supporting them through this difficult time.
"The loss of these young lives is shocking and deeply upsetting for all involved. All families wish to have their privacy respected at this difficult time.
“We’re still working through a number of lines of investigation as we try to understand what happened and why.
"Anyone who saw the Skoda driving in the area last night, or who may have captured anything on dash-cam footage, is urged to get in touch with us as soon as possible."
If you have information contact police via Live Chat at west-midlands.police.uk, quoting log 4469 of 13 October.