UPDATED SEPTEMBER 2023
Some squeaking is normal, so no need to think that there is an issue with the rack. Do NOT use any lubricant as it will collect dirt and prevent the necessary friction to keep the rack arm locked in place. When operating the rack arm, squeaking can be minimized by lifting the red lever parallel with the silver bar as shown below. Also, be sure to periodically wash your rack with soap and water (you can spray it at the car wash) to keep it functioning correctly.