Rad Power Bikes Assets Sold for $13.2M in Bankruptcy Auction

Seattle-based electric bicycle maker Rad Power Bikes has reached another major milestone in its bankruptcy proceedings after its assets were sold for $13.2 million in a court-supervised auction. Once valued at $1.65 billion, the company is now awaiting court approval before the transaction becomes official.

The asset sale marks a dramatic turn for one of North America’s best-known e-bike brands, which experienced explosive growth during the pandemic before struggling with declining demand, financial pressures, and multiple rounds of layoffs.

Winning Bid Comes From Life Electric Vehicles

According to court documents filed in the U.S. Bankruptcy Court for the Eastern District of Washington, Life Electric Vehicles Holdings Inc., based in Deerfield Beach, Florida, submitted the winning bid of $13.2 million.

After accounting for assumed liabilities, the total value of the deal rises to approximately $14.9 million.

Rad Power Bikes confirmed the auction results, adding that Retrospec (Xander Bicycle Corp.), headquartered in Southern California, submitted a $13 million backup bid. If the agreement with Life Electric Vehicles falls through, Retrospec could become the next buyer.

The auction, held on January 22, attracted five bidders. The opening offer of $8 million was ultimately surpassed by Life Electric Vehicles’ higher bid.

A spokesperson for Rad Power Bikes said the proposed transaction is still subject to court approval and has not yet been finalized.

What Assets Are Included?

Court filings show that Life Electric Vehicles is set to acquire a broad range of Rad Power Bikes’ assets.

The purchase includes the company’s inventory, intellectual property, computer systems and software, furniture, equipment, accounts receivable, and other business assets. Life Electric Vehicles will also assume responsibility for certain contracts, leases, warranty obligations, and additional liabilities.

Despite the sale, questions remain about the future of the Rad Power Bikes brand.

Company representatives declined to comment on whether the Rad name or its electric bicycle lineup will continue under the new ownership. The company also did not provide details regarding the future of its remaining Seattle employees.

Life Electric Vehicles CEO Robert Provost also offered limited comments, stating only that the acquisition process is still ongoing and that “an exciting future” is being planned for Rad Power Bikes.

From Industry Leader to Bankruptcy

Founded in 2015 by Mike Radenbaugh and Ty Collins, Rad Power Bikes built its reputation by selling affordable electric bicycles directly to consumers, with many models priced below $2,000.

Business surged during the COVID-19 pandemic as demand for personal transportation soared. At its peak, Rad reported demand growth of nearly 300%, raised more than $300 million in funding during 2021, and promoted itself as North America’s largest e-bike seller.

However, the rapid expansion proved difficult to sustain.

Beginning in 2022, slowing consumer demand, broader economic challenges, and operational issues significantly impacted the business. Over the following years, the company conducted more than seven rounds of layoffs while attempting to reduce costs.

Financial Challenges Led to Chapter 11 Filing

Rad Power Bikes filed for Chapter 11 bankruptcy protection in December 2025, just weeks after revealing that it faced serious financial difficulties and was fighting to remain in business.

Bankruptcy filings highlighted the scale of the company’s financial decline. Gross revenue dropped from $129.8 million in 2023 to $103.8 million in 2024, before falling further to $63.3 million toward the end of 2025.

The company also disclosed nearly $73 million in liabilities, compared to approximately $32 million in assets, leaving it with significant financial obligations.

New Owner Has Experience in the E-Bike Industry

Founded in 2018, Life Electric Vehicles assembles globally sourced bicycle components at its 31,000-square-foot production headquarters in Florida.

The company has previously expanded through acquisitions, including the purchase of Serial 1, the electric bicycle business originally launched by Harley-Davidson, in November 2023.

Meanwhile, backup bidder Retrospec, founded in 2009, sells electric bikes, traditional bicycles, and a range of outdoor sporting equipment.

While the bankruptcy sale signals the end of Rad Power Bikes as an independent company, the acquisition could provide an opportunity for its products, technology, and brand to continue under new ownership once the court officially approves the transaction.

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