The dealer assembled it, put it back in its crate, and apparently forgot about it.
Old bikes usually have a long and complex history. Many have been used, abused, then fully restored to showroom condition. Others were sold, well maintained, and while not factory fresh are completely original. Occasionally, we'll come across a bike from long ago that is still in its factory shipping crate, like an old Star Wars action figure that was never even taken out of the box. This Honda CL360 on Bring a Trailer is one of those.
A 1975 model, this particular bike was finally assembled by Garrett Honda in Louisiana in 1978, then put back in its shipping crate for safekeeping. In 2020, the current owner bought it from the son of the original dealer, who had stored it at his home since 2000. It appears to have never been put on the road. The dealer's pre-delivery checklist is incomplete, as no fluids were added except oil during the bike's original assembly. However, if you do wish to put it on the road, it comes with a Vermont registration in the seller's name.
Gallery: 1975 Honda CL360 Crate Bike
Just because it's never been on the road doesn't mean the bike is in pristine condition, however. There's a fair bit of corrosion on all the chrome from sitting since 1975. The gauge faces are rather discolored, though the odometer showing less than two original miles is still clearly visible. The paint is a bit dirty but in otherwise excellent condition. There is absolutely no corrosion inside the gas tank. The original seat is immaculate, which is unheard of for any 1970s motorcycle. The original Bridgestone tires, however, should definitely get replaced if this bike ever sees the road.
It's hard to know what to do with this bike. Part of me wants to keep it as-is, a true original from 1975. Its current condition, though, shows that continuing to sit will only allow the chrome corrosion and rubber decay to get worse. While it would be amazing to experience what it's like to ride a brand new 1975 motorcycle, I'd probably restore what needs restoration, then display it in a museum for all to enjoy.