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Allen Sports Deluxe 3-Bike Hitch Carrier - $85 (Mobile)
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Features 16" carry arms and a tie-down system that individually secures and protects up to 3 bicycles.
Compatible with 1-1/4" and 2" hitches
The folding carry arm design allows the arms to quickly drop out of the way when the rack is not being used.
The main arm also drops down so you can open a rear hatch if attached to an SUV.
This unit costs $160 new at Academy Sports.