An off-duty police officer involved in the accident has been stood down from duties and the matter reported to the Independent Police Conduct Authority. No charges have yet been laid.
Lane was a British national who immigrated to New Zealand 40 years ago after being recruited as a machine builder engineer for Fisher & Paykel Production Machinery, now known as Facteon Intelligent Technology.
His long-time mate Ian Fulton told the Herald Lane was a bit of a loner, "very smart and very conscientious".
He'd lived alone and loved listening to Bob Dylan and Joni Mitchell. He had no family in New Zealand and few friends.
His sister lives in the UK and it's understood she plans to travel to New Zealand to make arrangements for her brother.
Fulton helped recruit Lane to Fisher & Paykel four decades ago and the pair became friends, enjoying many training rides together over the years.
Lane had been an accomplished marathon runner, with a record time of two hours, 42 minutes.
He then got involved in triathlons and developed an obsession with bikes.
Lane travelled to Hawaii three times to compete in the Ironman World Championship at Kona - in 1991, 1998 and 2004. His best performance was 50th place in his age group in a time of 12:28:35 at the age of 45.
Competitors have to qualify for the event and represent the "best of the best" from around the world, Fulton said.
Lane competed in seven Ironman New Zealand events between 1990 and 2008, earning a podium finish for his age group in 2004.
He was forced to give up running due to knee problems but remained a keen cyclist, tackling up to three training rides a week of between 50 and 80km.
One such ride on Saturday morning claimed his life.
Fulton said Lane had lost some of his pace in his later years and generally preferred to ride solo.
"I would go for a lot of rides with him. He slowed down towards the end and hated holding people up so he'd go on his own.
"He was a very competent cyclist and a very conservative cyclist."
Fulton said like most cyclists, Lane had his share of close scrapes and near misses.
"It's horrible when you fall off a bike, it hurts."
Lane changed careers about three years ago and had been working part-time at MEC Bikes in St Heliers, Fulton said.
But he "definitely didn't want to be working when he was 70" and planned to embark on his retirement yesterday.
Fulton, who is currently in Australia, said news of his friend's death was "very sad".
"I've known Dave for 40 years and there weren't many weeks that would go by when we wouldn't have a chat or a beer. He was just a nice, solid guy - a little bit shy and reclusive.
"I just hope he didn't suffer in any way."
Lane's neighbour Sofia West had known him for nine years and said Fulton was his only friend.
He loved his garden and his bikes, and was always heading out for rides.
West learned of Lane's death when police knocked on her door. Her husband had to identify the body because there was no family here.
"We invited him for Christmas every single year and every single year his curtains were closed all Christmas day. He just wanted to spend it alone.
"He obviously loved being alone. It was part of his personality. He loved his music and he loved his bikes. A really lovely guy."
Taylor told the Herald news of Lane's death was a huge shock to the bike shop's staff.
"He was a really quiet but lovely, kind guy."
Lane had been a talented athlete, qualifying to compete among the world's best at the Hawaii ironman competition, Taylor said.
"In New Zealand only one or two get to go so he was bloody good in his day."
Facteon head of manufacturing Andrew Stackpole said Lane was a skilled machine builder engineer.
He'd spent many months away installing and commissioning production lines around the world, including in Thailand, the United States, the UK, Mexico, Costa Rica and Australia.
"His engineering skills were world class and always strived for perfection.
"Dave was a much-valued member for the Facteon team and will be sadly missed."
