Ford Settles with Mecum Over Violations of GT Ownership Agreement
The 2017 Ford GT that sparked legal action against Mecum Auctions
Photo: Mecum Auctions
Ford Motor Company confirmed on Thursday that it had settled a legal action against Mecum Auctions taken out in response to the auction of a Ford GT in Indianapolis last year. The settlement, done in a manner “designed to promote mutual good will and business respect,” stipulates that Mecum is not able to sell any Ford GT within the first two years of original ownership without Ford’s consent, and all settlement proceeds go to Ford.
On May 19 of last year, the VIN 048 2017 Ford GT went on the auction block at Mecum’s Spring Classic Auction. It boasted just 7 miles on the odometer, a Dark Energy interior package, and a stylish Ingot Silver exterior with Black stripes. It was also a complete mystery as to how it managed to be up for grabs since Ford requires all GT buyers to sign an agreement to maintain ownership for at least two years.
An Easier Path to Ford Performance: The 2019 Ford Mustang is not hard to come by but quite coveted
That Ford GT, despite the enigma of its availability, sold for $1.65 million. Right before it hit the block, a Mecum rep told the raucous crowd that a judge had given Mecum permission to auction the car, eloquently stating: “It’s America, you can buy and sell what you want!” As it turns out, nah, not so much, dawg.
Mecum put the same Ford GT right back up for auction again at its August 2018 event in Monterey. That following October, Mecum auctioned the Liquid Blue 2017 Ford GT previously owned by John Cena. Cena was the first known GT owner to sell the vehicle prior to the conclusion of the two-year agreement, leading Ford to sue him in December 2017. Cena and Ford reached an undisclosed settlement in June 2018.
The ruling, coupled with the settlement with Cena, supports the legality of Ford’s mandatory ownership stip. Per Ford’s statement: “Ford and Mecum jointly urge that all original purchasers of Ford GTs abide by the terms of their agreements in order to avoid controversy.”
Not a Controversial Statement: The 2019 Ford Ranger is best-in-class for towing, payload, and torque
The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.