Third liquidator auction of troubled group due next month.
The future of Erik Buell Racing remains uncertain as yet another auction to liquidate the company’s assets has been scheduled for the 14th January, 2016.
Two previous auctions – the latest on the 10th December – have failed to secure the sale of the company. Despite looking like a buyer had been found, the auction winner has failed to find sufficient funds to complete the sale.
A similar situation occurred with the first auction. Atlantic Metals Group LLC had purchased the assets left behind by Hero MotoCorp, the previous 49 percent owner of Erik Buell Racing, for $US2.25 million but also failed to secure the funds.
With Buell’s turbulent history the current turmoil comes as no surprise to some.
Originally started in 1983, Buell has been an iconic American brand with a flair for technical innovation.
In 1993, Harley-Davidson purchased 49% of Buell, and five years later Harley-Davidson took a controlling interest. But in late 2009 Harley-Davidson announced the discontinuation of the Buell product line, and shut it down.
Erik took control again under the name Erik Buell Racing and initially produced race-only versions of the 1125R model, then subsequently offered an updated 1190RS model for the street and track, and finally the 1190RX.
Funding from Indian company Hero MotoCorp looked certain to secure the future of Erik Buell Racing, but when that funding was withdrawn the company was placed in receivership.
Unfortunately, the delays in finding a buyer is now making it look a lot less likely that the brand will continue into the foreseeable future.
We will keep an eye on the situation and keep you updated.