KSNA: Ford Brothers Auction, Ford’s Auctioneers Acquire the Auction Company
- by admin
The Ford Brothers auction company has purchased the auction house, which handles the Ford’s collection of cars, according to a report in the Kansas City Star.
The company is the owner of the Ford Cars Auction and Dealers Association.
The deal has not been announced.
The news comes just days after Ford announced it had sold the entire Ford collection of 1.7 million cars.
Ford announced last week it was exiting the auto business.
Ford Motor Co. CEO Alan Mulally said in a statement at the time that the automaker’s business model is changing and it was no longer profitable.
Ford’s sales dropped in 2017 to $1.4 billion, its lowest annual profit since the 1980s.
The automaker said in February that it plans to exit the business.
The deal will give Ford a bigger piece of the auction business, but the company will also have to pay a hefty royalty rate to the company.
The new company, called Ford Automotive Holdings, will continue to run the company and will also keep a large chunk of its profits.
The Ford Brothers auction company has purchased the auction house, which handles the Ford’s collection of cars, according to a…
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