Mecum Won't be Able to Sell Ford GTs Before Their Two-Year Ownership Period Is Up
Last year, a new Ford GT sold at a Mecum Auctions sale for $1.8 million, but the price wasn't the only reason it was eye-raising. Ford required new GT owners sign a contract stipulating that they would hold onto their cars for at least two years, to head off speculators looking to make a quick buck. The owner of that particular GT broke his agreement with Ford, selling it to a Florida dealer, who almost immediately consigned it with Mecum. Ford tried to stop the auction from happening, but a judge denied the request saying that the dealer who owned the car didn't sign any contract with Ford and was therefore allowed to do what he wanted.
This sort of thing won't be happening any more, though, at least not at a Mecum Auctions event. Ford announced a settlement with the auction house stipulating that Mecum won't consign GTs from their original owners who are still within their two-year agreed ownership period. And if anyone gets their hands on a GT that isn't the original owner and tries to consign with Mecum within the two-year period, the auction will have to get Ford's permission. Ford said the terms of the settlement will remain confidential, but Mecum will make a donation to the Ford Motor Company fund.
This doesn't mean that we'll never see a new GT at auction again. In fact, the opposite is likely true. The new GT entered production in December 2016, which means that early examples are now over two years old, and presumably, free to be sold. Plus, Ford occasionally sanctions charity auctions of special GT models-just last weekend, a Gulf-livered 2019 GT Heritage Edition sold at Barrett-Jackson's Scottsdale event for $2.5 million.
Theoretically, a GT acquired from the original owner during the two-year period could end up at a different auction house, though given Ford and Mecum's legal fight, we doubt anyone would want to touch one of these cars.
So, if you weren't picked by Ford to buy a new GT, but you want one anyways, you won't be able to turn to public sale. Maybe an owner will sell you one quietly, but they probably don't want to end up sued like John Cena, who later settled with Ford. Your best option is to wait.
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