A tire carrier assembly for storing a spare tire includes a carrier for supporting the spare tire, a rotatable sheave, and a flexible member operably connecting the carrier to the sheave. The flexible member is wound upon and unwound from the sheave upon rotation of the sheave to raise and lower the carrier between a stowed position and a deployed position. A drive member is operably connected the sheave to selectively rotate the sheave. The connection between the sheave and the drive member is broken upon a predetermined torque indicative of a catastrophic event so that the sheave is freely rotatable to prevent failure of the flexible member. A preferred sheave has first and second portions that break away at the predetermined torque so that the reel is freely rotatable.