Look at Price Point, Performance and other for the Hollywood (or rebadged version) Sport Rack. This is a 2 bike (1 1/4 or 2.....careful, check the specs for hitch size, the original Hollywood comes with an adapter for both) rack with hoops for the wheels to sit in and adjustable padded hooks to hold down the bike. There is no sway or rubbing of bikes together nor is it necessary to remove any wheels. Because the wheel hoops are adjustable right and left, many different bikes can be accomodated without handlebar/other bike interference. It also folds up into a compact vertical package that minimizes the chances of it being clipped in a parking lot. I purchased one not too long ago on sale for 160 to replace the last rack that was hit on the car (no bikes fortunately.)

Research shows "Price Point" internet bike shop has this for $169. There will be a larger freight charge though for the weight.