This is a new item, never taken out of the box, although the box did suffer damage during storage.  

I taped the torn parts back together.

The picture on the box shows it can be used for bicycles, as well as other equipment such as ladders and kayaks.

It can hold a maximum of 50 LBs.

You mount the hardware on the ceiling.  There is a self-locking pulley system for the hoisting part. The rope is then mounted to a nearby wall.