This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development is uncertain. The modern form visually contains 車 (vehicle) and 朋, but the original component relationship is unclear.
With 車 (vehicle) and 朋 (companion), imagine a war chariot carrying companions into battle, hinting at the kun reading いくさぐるま (war chariot).
For ホウ, picture a war chariot letting out a loud 'hou!' battle cry as it charges forward: hou -> ホウ.