Hitch-Mount Baskets: Anybody using one to carry bike(s)?

I'm looking at some of the dedicated bike carriers and the ones that appeal to me are those that
support the bike by providing a slot for the tires to rest
in/on.

But that brings to mind any one of dozens of hitch-mounted basket-type carriers that are used by
fishermen, campers, and such. One of those, some sort of insert with a tire-width channel to
stabilize the wheels, a couple of bungees to hold the bikes down.... Also it would seem to have the
additional benefit of providing a few inches of crumple zone before the bike becomes a
thousand-dollar bumper shield.

Anybody tried it?
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PeteCresswell