Update: I received the following email from the seller:
"i am very very sorry. i sold the bike friday. my computer has been out of control. i tried to email you several times, through paypal, ebay, and yahoo, with no luck. i am truely sorry for any inconvenience this may have caused you. again, i am very sorry that this email was too late. "
This auction specifically said "No reserve" and there was no statement saying the bike was listed locally or reserveing the right to end the auction. The auction ended and I was the high bidder. I figure he got less than he thought and decided to use this excuse to keep the bike. I sent the following email:
"You entered a legally binding contract to sell that bike to the winner of the auction. The obligation to sell to the highest bidder began on the day you submitted the auction. The auction came to a complete ending and I am the high bidder. Additionally, there was nothing in your auction indicating that the bike was also listed locally. There was also no disclaimer in your auction stating that you would sell outside of ebay.
At this time, you owe me the bike listed in your auction, in exchange for $947.50. Please get the bike back and contact me to arrange pick-up."
So, assuming he does not rectify the situation, what are my recourses? I know I can report this to ebay, but do I have any legal rights or anything else?