So should I suggest an E-bay auction to him with a reasonable reserve?
No, that costs too much. Just let the fellow decide how much he wants for the bike and list it as a Buy It Now item, which should be the same as what ever reserve price he/you would have picked. For a few cents more you can include a Best Offer if you wish but be prepared for some stupid offers that are not much more than time wasters.
Hope that is a help.