This story sounds like fiction... A parachute of that time carrying at least one passenger (what is the talk about a vehicle, "car"?) and a bike? I really doubt that this was more than a concept and an idea.
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The parachute was covering the top of the balloon. It remained in position once the balloon deflated, and allowed to fall gently. There were several demonstrations, I think; people were crazy about ballons back then and experimented a lot of things.
Here is one one of the accounts in French, published in Le Républicain's edition from Aug 12, 1894 :
"Car" (as in "carriage") refers here to the basket. It's the same fundamental meaning as in "motor car" - a thing that carries people. You can see this use plenty in older books.