Hi Mandi, I wouldn't sacrifice branding for the sake of ranking. Meaning, I wouldn't start incorporating signals around "AP Velocity" if the business names is APVelocity.
Is the business fairly new? Just might be one of those things that needs time. If you're seeing a lot of velocity around "AP Velocity," those people could also be searching for the Velocity Automotive Performance business that's currently ranking #1.
With branded terms, if a user is looking for you, they are more willing to wade through the SERPs. Meaning, if you are searching for Moz, you know you want the SEO expert, and not something like MOZ Designs. So, you'll look through the results until you find what you know you're looking for. Does that make sense?
Thus, if people are searching "AP Velocity," and they intend to find your business, their behavior in the SERPs will be a sign to Google that they should associate that term with your business, and not that of another (or not).