An apparatus is provided for retaining a spare tire in a storage position on a motor vehicle. The apparatus includes a retainer assembly and a cooperating post. The retainer assembly includes a housing and a first actuator, a first retainer and a first biasing element carried by the housing. The post includes a retainer receiver wherein the first biasing element biases the first retainer into engagement with the retainer receiver. A related method of removing a spare tire from a storage position in a motor vehicle is also presented.