You gotta wonder where they all end up. As someone who had their bike stolen before and given the trouble the thieves went through to get what was ultimately a second-hand bicycle, I can't help but wonder whether there is some kind of organised crime behind all this.
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It's very common in Oxford as well.
Apparently there is not very much money to be made in this area, but as the risk of capture and punishment is almost nil there are plenty of villains who fancy a go.