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.
Crank Farm Auction Process
- 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