Yes, there is one B. 😀
Yes, there is one Y. That completes the puzzle.
Yes, it is "bicycle trip".
BICYCLE/TRIP
Letters used: E, T, I, R, L, P, C, B, Y
None: S, A, N, O, U, M
Since the two guessed letters completed the whole phrase, I will say that it was solved before Tickledgirl's correct guess and that DimpleToes should do the next game. 😀