A multi-position tailgate retaining and counterbalancing apparatus and method is disclosed. The apparatus maintains the look and functionality of a conventional tailgate for a pickup truck. The apparatus and methods may include a counterbalance reducing the effort required to lift or lower the tailgate. The apparatus and methods may allow the counterbalanced tailgate to be lowered to, and automatically stop at the standard open position like a conventional tailgate. Moreover, by pulling and releasing the tailgate release latch handle, the tailgate may be lowered further to a fully open position. Upon reaching this lower, fully open position, the tailgate may automatically stop. The apparatus and methods may also provide a counterbalanced tailgate that secures at multiple predetermined positions between the closed and fully open positions, each such position retaining the tailgate's full load carrying capacity.