An equipment carrier, such as a bicycle rack, is adapted for removable mounting to a vehicle and includes a first frame and a second frame interconnected by one or more hubs. The first frame is engaged with the hubs so as to be axially movable relative to the lower frame and the hubs. The first frame defines a forward engagement area adapted for engagement with the rear of the vehicle, and the second frame defines an outer engagement area adapted to engage the vehicle at a location vertically spaced from the forward engagement area. The second frame is pivotably mounted to the hubs for movement between an operative extended position and an inoperative collapsed position. A variable position engagement arrangement is interposed between the hubs and the first frame, for selectively fixing the axial position of the first frame relative to the hubs. In one form, the variable position engagement arrangement includes an engagement member associated with the second frame which is movable into engagement with one of a series of axially spaced openings in the first frame when the lower frame is in its operative extended position. Movement of the second frame relative to the hubs away from its operative extended position functions to disengage the engagement member from the first frame openings, to enable the axial position of the first frame to be adjusted. Subsequent return of the second frame to its extended operative position functions to engage the engagement member with a different one of the openings, to fix the first frame in a different axial position relative to the second frame. In this manner, the configuration of the carrier can be adjusted according to the configuration of the vehicle to which the carrier is adapted to be mounted.