Could be Allgemeine Radfahrer Union. The Runic design could be a reference to a bicycle wheel. Many sports organizations, like the FFFF, took on a "voelkisch" character and used Runes in various forms in their logos. Father Jahn's Turnerbund abbreviation FFFF, for example, was turned into a sunwheel swastika similar to the centerpiece of this badge. Perhaps the Allgemeinen Radfahrer Union had some affiliation with the Turnerbund and used the design as well. The ARU's original badge from the 1890's is a typical one for the late 19th century but perhaps it was modernized in the 1920's.
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