Not really. SPEEDVISION was originally a primarily motorsports channel. Evolving, SPEED was still focused on motorsports, with transportation-themed programming. When SPEED was purchased by Fox, it picked up a lot of NASCAR overflow (qualifying, etc) that Fox didn't show on their main net, and the quantity of international/obscure motorsports coverage on SPEED dropped.
Velocity will be transportation-themed, without live motorsports coverage. However, I think they have the perfect opportunity to pick up coverage of events that don't air in Canada. Like the current Dakar!