A female victim in her 30s was left moderately injured, while five others were lightly hurt.
Police have opened an investigation into the incident, but it is not thought to have been a terrorist attack.
Mr Weinkrantz, a Texas resident in his 60s who was president of Alan Weinkrantz and Company, was in Israel on an annual business trip.
His son Aaron told Times of Israel: "He was planning to come back to the US on Thursday. So this has been real tough and real, just crazy."
Mr Weinkrantz also leaves behind a daughter, Lauren.
Mr Raz was preparing to leave the restaurant after a night out with his wife, three children and sister-in-law's family when the car hit.
His sister-in-law Revital, 25, and his 22-year-old niece Linoy Raz were injured and taken to hospital.
