Transit-style hitch rack?

Hello all,

I want to purchase a hitch rack for my bicycle similar in form to the kinds that are on the front of transit buses. The two companies (1 and 2) that I looked at that cater towards actual transit customers do not have adapters for car hitches.

I have taken some pictures of my car, hitch, hitch attachment thing that I got, and bicycle. The bike itself is about 8 years old and was about $800 at the time. I am primarily a commuter.

My parameters are as follows. Preferably cheaper, but I can spend a bit more money if it will last long. One thing that makes me nervous is that the bus-style racks are often rusty. I like the fact that the bus racks are open, easily allowing water to pass through if in the rain. I am not worried about weight except to the extent that my car can only have 150 pounds on the hitch. I plan to generally remove the rack from the car when not in use for ease of driving and to keep it out of the weather. I also like the fold-up capability of the transit bike racks. I only need 1 space, but 2 would be nice.

I have also done some research here on the sub and found the 1up racks; what are everyone's thoughts on those?

Thanks so much for and and all assistance!