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Maybe it didn't save before you turned off your console? I don't know..
Nope, it showed the save icon and "online access" icon and I remember gawking at the bike at the dealership for a good few seconds.
I even tried redoing the events in School of Speed no.4 but the bike is back to being locked. Height of madness, I swear.
Say, your theory is correct - the game still saves on the HDD if it doesn't get a chance to save online, no?