Supposedly participants in a Ford-alleged conspiracy acquired a 2018 Ford GT which they sold twice in a couple of weeks. Ford has strict rules on reselling GTs. Before purchasing a GT you have to prequalify. When you purchase one you sign a contract forbidding the owner from selling it for 24 months. This is to avoid the crazy markups that occur with factory supercars like the GT. But in this case, there is alleged fraud involved. It’s a complex fast-sale frenzy with a number of Canadians that flips cars, finances them, and also lists a high-performance shop catering to exotic vehicles.
All four defendants deny any wrongdoing. However, some of them are pointing fingers at fellow defendants. The trial will take place at the Ontario Superior Court of Justice. Ford wants to rescind the original sale, block any transfer of the title, and is demanding $750,000 for misrepresentation and breach of contract plus attorney fees.
Ford really vets its GT customers and contractually obligates them to keep the GT for a minimum of two years.
To “ensure the passion surrounding the Ford GT” it has an extensive owner selection process. It seeks to find owners that will “showcase their Ford GT on an ongoing basis at events, on social media, and on the road and at race tracks.” One of Ford’s concerns is “straw buyers” that among other things does not want his or her assets disclosed. In this case, Ford doesn’t know who the actual buyer is,
This was a custom-built 2018 GT for a prequalified Canadian owner. Only eight were built for Canada that year. The price “was in excess of $500,000.”
The convoluted story starts at a dealership in Ontario, Canada
Ford says Steven Hudson negotiated with Ford to sell a GT through Downtown Ford in Toronto. The deal was never consummated. A business associate of Hudson’s was to be the eventual purchaser. Hudson has said on the record he was not aware the purchaser had misled Ford, nor that he was involved in any conspiracy.
Hudson’s attorney says someone was using Hudson’s name without his permission. About 20 days after the initial sale the GT owner sold it to another company. This new owner had negotiated the deal through a broker that received C$126,560 commission. He supposedly also received a C$200,000 commission from the former owner.
Court filings show the last owner paid over C$1,734,480
The new owner claims he had no knowledge of the two-year restriction on the sale of the GT. The broker says he discussed that with the ultimate new owner. Ford says the broker lied under oath that he hid his dealings with the person who originally purchased the car. Court filings indicate the last purchaser paid over C$1,500,000 for the GT.
The complaint says that the broker sold the GT again for C$1,734,480 to the “SR Group” who turned around and sold it one more time to an unidentified buyer from Hong Kong. It is not known where the GT is currently located.
Everyone involved with the suit refused to discuss the matter
Automotive News made attempts to discuss the allegations with those named in the suit but was refused due to the nature of discussing an ongoing trial.
This isn’t the first time Ford has gone after a GT owner who sold his car. Wrestler John Cena paid Ford an undisclosed amount to settle a case against him after he tried to sell his 2017 GT. He originally paid $463,376 for it.