An axle lift mechanism (100) is used on a vehicle having a normally lowered axle/wheel assembly to automatically lift and maintain the assembly in a raised position when the vehicle is not heavily loaded. A trailing arm (62) connected to the vehicle axle (12) is pivotably coupled at one end to the vehicle frame (68) and mounts an air spring (26) at its opposing end to transmit load to the axle (12) when the air spring (26) is inflated. The lift mechanism (100) includes a flexible strap (102) secured at one end to the trailing arm (62) and wound around a pivotable cam (108). The opposing end of the strap (102) is coupled to a rod (128) adjustably engaged with a spring cup (130). A tapered coil spring (152) coaxial with the rod (128) bears against the spring cup (130) and exerts forces on the rod (128) and strap (102) sufficient to rotate the cam (108) and lift the trailing arm (62) and axle (12) to a raised position when the air spring (26) pressure is relieved. The spring cup (130) and tapered coil spring (152) are enclosed in a tubular housing (146) and a wear plate (154) is mounted to the outer spring cup surface. The flexible strap (102) comprises spaced apart cords (156) embedded in flexible polyurethane or other suitable material (158) and formed by winding a Kevlar or other suitable cable between a pair of sleeves (160).