This is from the site Bring a Trailer (https://bringatrailer.com/) ...
This 1948 Indian Chief is powered by an air-cooled V-twin mated to a 3-speed hand-shift transmission. The bike was recently acquired by the selling dealer and was reportedly refurbished earlier this year by the previous owner, an Indian specialist. Work is said to have included fresh paint, new chrome, rebuilding the engine with .020-over pistons, and installing a new clutch. Approximately 50 miles have been covered since the rebuild, and this Chief is now being offered by the selling dealer with a clean South Dakota title.
The Chief was Indian’s flagship model in 1948 and was popular with police departments and touring enthusiasts. This matching numbers example is finished in black and features a brown leather solo seat. The seller reports the chrome has been re-plated and all hardware renewed. Accessories include front and rear crash bars, a rear bumper, and wide whitewall tires.
Beginning in 1940, all civilian Indian Chiefs featured skirted fenders until production ended in 1953. Hydraulically-dampened girder forks were used for the front suspension, and the seller reports the wheels have been replaced with reproduction items and new tires fitted. The hubs, brakes, and wheel bearings have also been replaced.
Most Indians were supplied from the factory with a left-hand throttle and a right-hand shift lever. This example has been converted to traditional right hand throttle but the shifter remains on the right. The left-hand grip is used to advance or retard the ignition, and all control cables have been renewed. Dual fuel tanks provide two gallons on the left side and an additional gallon on the right, which shares space with a 2.5-quart oil tank. A steering damper is fitted, and the 120-mph speedometer contains an odometer showing just over 50 miles, which reflects the distance covered since the refurbishment was completed.
The side-valve V-twin is paired with a 3-speed transmission and originally displaced 74ci (1.2 liters). The clutch is operated by the left foot and gear changes are performed with the right hand. The seller reports the engine and transmission were rebuilt and the cylinders bored .020 over. The clutch was also replaced and the wiring harness renewed. Due to the low mileage covered since the rebuild, the seller recommends an oil change be performed at 250 miles.