If it is impact damage (and I'm going on what a car did to my rowan in the front garden a few years back (in the UK)), it may not be immediately fatal. But even it the wound does heal, it will be open for some years, which may allow disease to enter; and the physical strength of the timer will be impaired, rendering it more liable to break in a storm. Etc...
So I would say its health has been compromised, but you'll have to just see how it goes.
If you wait a few months, you should see the true extent of the damage (dead bark should be more obvious). You could carefully remove loose and poorly-attached bark then paint over the area with wound paint. But opinions differ on the effectiveness of that. I don't use it any more.
You could also keep an eye out for suckers or new shoots arising from below the wounds.
In the past I have been successful (with a weeping pear that was almost ring-barked by canker) in taking a new low shoot and inarching it (type of grafting) above the wound. That provided the top growth with a second trunk, in effect, which in turn allowed the tree to regain strength in general and to recover. I had cut out the canker from the original trunk, and now (20 years later) both trunks have grown coalesced and you'd never know the near-death experience the tree had had.
