Rad Power Bikes has auctioned off some of its assets as part of the Seattle-based e-bike maker’s ongoing bankruptcy process, the company confirmed to GeekWire on Monday.

“As part of the bankruptcy process, Rad Power Bikes conducted an asset auction late last week,” a Rad spokesperson said via email. “The auction resulted in a successful bid, along with a backup bid, for the purchase of certain Rad assets. Any proposed transaction remains subject to court approval, and the sale is not final at this time.

Rad confirmed that South Florida-based Life EV was the winning bidder and Southern California-based Retrospec had the backup bid.

It’s unclear if the Rad brand or its e-bike models will live on under Life EV or Retrospec. Rad’s spokesperson declined to comment on what assets were acquired, how much was paid, and what will happen to remaining Rad employees in Seattle.

It’s the latest development in the rise and downfall of Rad Power Bikes, a once high-flying startup that launched in 2015 with a direct-to-consumer model and sub-$2,000 e-bikes aimed at casual riders. 

The company saw demand surge nearly 300% during the COVID-19 pandemic, and in 2021 Rad raised more than $300 million, reaching a valuation of $1.65 billion and branding itself as North America’s largest e-bike seller.

But the momentum faded in 2022 as demand cooled and a series of missteps and macroeconomic challenges led to more than seven rounds of layoffs.

The startup, originally founded by Mike Radenbaugh and Ty Collins, filed for Chapter 11 bankruptcy protection in December following surprising news in November that the company was fighting for survival as it faced “significant financial challenges.”

In its bankruptcy filing, Rad revealed a steady drop in gross revenue — from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million toward the end of 2025. The company reported total liabilities of nearly $73 million, more than double its assets of $32 million.

Deerfield Beach, Fla.-based Life Electric Vehicles was founded in 2018. The company assembles globally sourced bike components at its 31,000 square-foot production headquarters, according to its website.

In November 2023, Life EV acquired Serial 1, the in-house electric bicycle company originally started by motorcycle maker Harley-Davidson.

Retrospec was founded in 2009 and sells a variety of e-bikes, bicycles and other sports and outdoor gear.

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• New CEO leading Rad Power Bikes in the midst of e-bike seller’s bankruptcy proceedings
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• The rise and fall of Rad Power Bikes: From breakout success to the brink of shutdown