Abstract: The present invention relates to a retention device and method of use thereof for fitting wheel rims. In one form, there is provided a retention device including: a body having a mounting end and an opposed outer end and defining a receiving opening extending from the mounting end at least partially towards the outer end, said receiving opening configured to at least partially receive the wheel stud therein; a plurality of wedge elements aligned and arranged within the body to engage with the wheel stud; and a magnetic member positioned at the mounting end of the body, said magnetic member configured to magnetically mount the retention device to a nave plate of a wheel rim.