A Ford-initiated lawsuit over a 2017 GT sold at auction is now in the history books.
The lawsuit stems from a GT sold at auction last year. On May 19, 2018, Mecum Auctions presented a limited edition 2017 Ford GT for auction at its Spring Classic Auction in
Indianapolis, Indiana. The Silver supercar was #48 out of 1000 total to be built, and only had 7 miles on the odometer. It sold for more than $1.8 million dollars when it crossed the block.
Ford was none too pleased. The issue for Ford being that it required that owners keep the cars at least two years. Prior to the sale, the GT owner , who paid $450,000 for it, along with Mecum lawyers went to a judge and won the case against Ford Motor Company. As it crossed the block, the auctioneer assured the crowd that the GT could, in fact, be sold, and declared “this is America” to a rousing cheer from the crowd.
After the sale, Ford was not deterred and brought action against Mecum in Marion County, Indiana. In a press release
on its website, Ford says the sale attracted global media attention that potentially caused confusion with Ford GT owners and the general public. But now the matter has been put to bed. Ford and Mecum say they are pleased to announce that all matters of the litigation have been resolved and settled on terms that are designed to promote mutual goodwill and business respect.
The litigation settlement clears up any lingering confusion that surrounds the Ford GT ownership agreement and its enforceability. While the terms of the settlement agreement are and will remain confidential, Mecum and Ford agree as follows:
- Mecum will not accept for consignment sale any Ford GT owned by its original purchaser that is still subject to the two-year sales moratorium;
- Mecum will consult with Ford regarding any Ford GT consigned with Mecum by any downstream purchaser (i.e., not that GT’s original purchaser) for the first two years following the GT’s initial sale to the original purchaser, and will not permit the auction sale of that GT during that time without Ford’s consent; and
- Settlement proceeds from Mecum will be donated to the Ford Motor Company Fund.
Final orders dismissing all matters in controversy have been entered by the Marion County Commercial Court. Ford and Mecum jointly urge that all original purchasers of Ford GTs abide by the terms of their agreements in order to avoid controversy.
You can watch the GT sell below at 4:26:25 into the video below: