Bike 'black market' worth £58 million [Bike Biz]

Bike 'black market' worth £58 million

Booming market sees over a quarter of bike owners neglecting to ask about a bike's history when buying second hand
According to a survey from insurer LV=, 260,000 cyclists suspect the bike they purchased second hand in the last 12 months had been stolen.
Based on an average bike price of £220, the insurer has calculated the value of the bike black market to be over £58 million.