For me, the hitch mounted tray rack is what you graduate to after toying around with other, lesser types of bike carriers. The Holdup 2 from Yakima is an excellent example of what a bike carrier can and should be.
The Holdup comes in two variations for receivers of either 1.25-inch or 2-inches. Yakima supplies you with a hitch bolt and lock for said bolt. The bolt screws into a receiver inside the rack itself and tightens, eliminating side-to-side sway.
For an extra $285, you can get an extension (the Hold Up +2) complete with extra trays and wheel locks for two additional bikes. Making your potential carrying capacity 4 bikes, though not without paying for it.
Loading bikes on the Hold Up takes about 10 seconds and is real easy. A bar with a sliding wheel lock, in conjunction with a minimalist tray, holds the front wheel and will, in my experience, accept everything from 20 to 29-inch, 26-inch fatbike tires and even 29+ tires. Fenders haven’t been a problem in my experience, though there might be some interruption depending upon how far down the front your fender comes. A small tray and ratchet strap holds the rear wheel.
Because the rack interfaces with the wheels instead of the frame, it can be loaded with all manner of bikes without worry of weird interface or oddly loaded jumbles of bikes that can happen with rack that interface with the top tubes. You can also adjust the trays laterally to avoid any unwanted saddle/handlebar contact.
A built-in cable lock can be wrapped through the front wheel and sometimes the frame (depending on the bike), but this is more of a visual deterrent than a full proof anti-theft device. Lock it up properly or take it inside with you if you plan on leaving it overnight… You can tilt the rack down when loaded for easy trunk access and fold it up when not in use.
Easy to install even easier to use, this rack is fantastic. The $440 asking price is steep, but with a lifetime warranty and ease of use, the investment just might be worth it.