The occurrence of proper names is almost unique in the parables of the Bible, the Lazarus of Luke 16:20 being the only other instance. Their meaning is sufficiently clear. Aholah (but both names should begin with O rather than A) means "Her tent;" Aholibah, "My tent is in her."
A parallel, which may have suggested the names, is found in the Aholibamah (equivalent to "My tent is in the high place") of Genesis 36:2, and another in the use of Ohel as a proper name in 1 Chronicles 3:20.
The common element of the two names is the word that is commonly used for the sacred tent or tabernacle in the Pentateuch and elsewhere. The distinctive element of each points to the fact that the worship in Samaria was unauthorized.
Her "tent" was hers, not Jehovah's. Of Jerusalem with its temple Jehovah could say, "My tent is in her," and this, as magnifying her privilege, also aggravated her guilt. Keil and others take the adjective here, as in Ezekiel 16:46, as meaning "greater" rather than "older."
The former adjective is, of course, applicable to the greater power of the kingdom of the Ten Tribes, and, even if we retain the renderings of the Authorized Version, is probably the explanation of Samaria being named as the elder of the two.