As of March 22, rider-to-rider sales of pre-owned performance bicycles are possible through Crank Farm’s all-new cycling community marketplace.
With the new auction-style platform, the Crank Farm team hopes to provide U.S.-based riders with a simple, secure, trustworthy bike-selling platform that allows sellers to recoup as much of their original investment as possible.
“There are many amazing pre-owned bikes ready to be enjoyed by new owners, and we want to help make this happen,” said Chris Caughman, founder of Crank Farm.
“Bike theft, especially in the high-end market, is becoming more widespread, and online flipping and other scams are having a negative impact on the cycling community.”
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Crank Farm Marketplace Auction Model
Crank Farm will base its auctions on a commission-based model. With it, the buyer pays 1% of the winning bid amount up to $40, and the seller pays 7.5% of the winning bid up to $500. As a result, there is no fee to list any bikes on the Crank Farm marketplace.
Concerning theft mitigation, the organization partnered with several outside organizations to vet each bike and ensure that it hasn’t previously been reported stolen before it hits the marketplace auction block.
Furthermore, a live Q&A and social feed will accompany every bike listed, which should allow for knowledge sharing and community-led transparency throughout the selling process.
At the time of writing, Crank Farm accepted more than 150 bicycle brands for auction. And, as part of 1% for the Planet, the company donates 1% of its annual sales to environmental causes.
Crank Farm Auction Process
The bike auction process is simple:
- The seller creates an auction online
- Bidders compete
- Once the auction period closes, the winner and seller connect
- The transaction is finalized and the bike prepared for shipment and delivery
“We are building software and processes to help support individual buyers and sellers who use our platform,” said Caughman.
“If we do it right, our community can focus less on the hassles of buying and selling in the community and more on what makes us happy: riding awesome bikes on the roads and trails.”
To learn more and start selling (or bidding), head to crankfarm.com.