When looking above the rear tire up in the fender well, there is a square plate (?) with a bolt/nut in the center. Drivers side looks great but pass side is rusted and falling apart. I have included a pic as I have no idea what it is and what purpose it serves. Any insight is much appreciated.

Thanks Morgan

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1989 Dodge Raider
1995 Toyota Landcruiser
1975 BMW 2002