Why There Is No Buyer For The Expensive Ford GT?

Published by admin on 9:04 am9:04 am

The Ford GT that made headlines by selling at auction for an astounding $1.65 million back in May is now set to captivate car enthusiasts once more as it returns to the auction block. This remarkable turn of events is a testament to the enduring allure of this iconic vehicle, as it embarks on another journey to seek a new owner.

This Ford GT has been on quite the journey in search of a forever home.

You might recall the buzz surrounding the Ford GT that was auctioned off in May, fetching an impressive $1.65 million. The auction was not without its share of drama, as Ford attempted to halt the sale with an injunction.

Despite all the attention, it seems that the Ford GT is still in pursuit of an owner who will provide it with a loving and permanent residence rather than reselling it.

As reported by Jalopnik, the very same Ford GT that made headlines last May is making a return appearance at Mecum Auctions, where it will once again be offered to the highest bidder. The ongoing saga of this iconic vehicle continues, as it seeks its ideal custodian.

The tale of this Ford GT has taken quite an intriguing twist. It all began in August of 2017 when the GT found its first owner, Jack Miller, who purchased it at the manufacturer’s suggested retail price (MSRP) of $450,000.

What made this deal even more remarkable was that Miller had committed to a contract with Ford, pledging not to resell the car within the first 24 months. This agreement was forged with the intention of transforming Miller into a loyal ‘brand ambassador,’ as the swift resale of the GT was seen as potentially detrimental to the Ford brand.

However, it appears that Miller had other plans in mind, as he disregarded the contract and proceeded to sell the GT to Michael J. Flynn, the proprietor of Hollywood Wheels exotic cars in Florida.

Flynn, in turn, made the audacious move of putting the Ford GT up for auction at Mecum where it fetched an astonishing $1.65 million. The GT’s journey from Miller to Flynn, and its eventual auction success, adds another layer of intrigue to this remarkable automotive story.

The buyer, in this curious chain of events, turned out to be Type A Motorsports, an establishment located in Arlington, Texas that specializes in dealing with top-tier and exotic automobiles.

They promptly showcased the Ford GT, specifically number 48 out of the limited 250 produced with an asking price of $2 million. A potential profit of $350,000 certainly had an appealing ring to it.

Despite the initial optimism, it appears that the $2 million price tag failed to attract a buyer, leaving the GT in something of a quandary. As a result, the iconic vehicle is now making its way back to Mecum Auctions, where it will once again be placed under the hammer, marking yet another chapter in its remarkable journey.

Ford has found itself in an ongoing battle with the high-profile resales of their coveted GT model. A notable instance involved the resale by none other than celebrity wrestler John Cena, which led to Ford filing a lawsuit against both Cena and the dealer who facilitated the transaction. More recently, both parties settled the dispute, the terms of which remain confidential.

Ford’s legal wrangling extends further, as they’ve also taken legal action against Mecum Auctions for their part in reselling a Ford GT in May. However, a significant twist in this legal saga occurred when a judge ruled that Mecum did not breach Ford’s contractual agreements.

The key factor at play here was that Mecum had never entered into a contract with Ford, as such agreements were exclusively in place with the original owner of the GT.

Surprisingly, there haven’t been any reports of Ford taking legal action against the initial owner, Jack Miller, which raises some doubts about the outcome of their lawsuit against Mecum.

For those who have their sights set on owning the number 48 Ford GT, an opportunity awaits this coming August when it goes under the auctioneer’s gavel once more. Alternatively, you could opt to wait GT orders to become available through Ford’s official channels.

However, it’s worth noting that venturing into the resale market with a GT purchase may potentially lead to a legal battle, as evidenced by Ford’s previous legal disputes surrounding this iconic vehicle.