A bike carrier on a drawbar for a trailer hitch receiver has two trays for the wheels of a bike. The trays pivot between an operational lateral position and a compact forward position for shipping and storage. A tray lock bar mounted in the carrier is urged by a spring into a position that automatically releasably locks the trays in the operational position. Pivoting wheel retention arms on the trays have cross members that contact the bike tires and are adjustable along the retention arms for different wheel diameters. Each cross member is held against a tire by a retention arm pivot ratchet that is releasable to allow the retention arms to pivot outward to release the bike from the carrier.