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Business of recycling proves a winner

A bicycle recycling business won the Guardian’s Business Sense eBay Challenge last week — where finalists received £1,500 each to build a business through online trading site eBay.

Management consultant Roger Eigenheer won on the value of sales made through his Green Wheels business where he sold bicycles he bought from police auctions and then renovated, as well as parts.

Eigenheer estimated he made £1,818 profit on sales of £3,872, through his strategy of running almost all his sales as auctions starting at 99p. Though this has risks, Eigenheer reduced them by setting himself a rule when buying stock at auction to only buy bikes he could make a gross profit of 100% on. He also made sure he checked his prices ahead of auctions — through researching models’ closing prices on eBay.

The winner plans to use his £2,500 prize money for an extended summer holiday as well as reinvesting some of it in new stock to continue the business, on top of his full-time job.

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