Mecum Auctions settles Ford lawsuit over GT saleby Justin King
The auction house has agreed to honor Ford's two-year sales moratorium and make a contribution to the automaker's charity fund.
Mecum Auctions has agreed to settle a lawsuit filed by Ford after putting a GT on the auction block early last year.
Ford forced buyers to sign a contract restricting resale during the first two years of ownership, attempting to prevent owners from immediately flipping the $450,000 flagship supercar for a healthy profit.
The auctioneer initially laughed off the possibility of a lawsuit, claiming all legal issues had been dealt with after a judge ruled in Mecum's favor.
"It's America, you can buy and sell what you want," bidders were told.
Mecum now admits the auction "potentially caused confusion" and the parties have reached a settlement "designed to promote mutual good will and business respect." The specific terms were not disclosed, though the auction house has agreed to consult with Ford to ensure it does not auction any GTs in violation of the two-year sales moratorium. The company will also make a charitable contribution to the Ford Motor Company Fund.
Ford last year reached a separate settlement with pro wrestler Jon Cena over the quick sale of another GT.