Ford settles lawsuit over $1.8 million supercar auction

Ford and Mecum Auctions have settled a lawsuit over the sale of cars that aren’t supposed to be sold.

The litigation stemmed from the auction last May of a 2017 Ford GT for $1.8 million. Ford imposes a two-year moratorium on resales of the $450,000 limited-edition supercar in an attempt to reign in speculative flipping, but this one had already privately changed hands once before going to Mecum. The auction house argued that the restriction only applied to the original owner, while Ford contented that Mecum “tortuously interfered with the contract.”

(Mecum Auctions)

Ford tried to stop the auction, but a last-minute temporary restraining order was denied by a local judge. Mecum owner Dana Mecum proclaimed at the Indianapolis event, “It’s America, you can buy and sell what you want.”

As the legal wrangling continued, the car returned to another Mecum event in August, but the bidding failed to reach the undisclosed reserve and there was no sale.

On Thursday, Ford announced that the two parties had reached an agreement and the matter was closed. Monetary terms were not released, but Mecum made a donation to the automaker’s charity arm, the Ford Motor Company Fund, and promised to consult with Ford prior to future GT auctions.

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