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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
 FORM 10-K þ
    
        ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934 
          For the fiscal year ended December 31, 2004
 ORo
        
        TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF
          THE SECURITIES EXCHANGE ACT OF 1934 
          For the transition period from _______________ to ________________.
 Commission file number: 333-57494 Wholesale Auto Receivables Corporation
Superior Wholesale Inventory Financing Trust X  DELAWARE
(State or other jurisdiction of
incorporation or organization)
    
    38-3082709
20-6302742
(I.R.S. Employer
Identification No.)
 c/o General Motors Acceptance Corporation
200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
(Address of principal executive offices)
(Zip Code) (313) 556-5000
(Registrants telephone number, including area code) Securities registered or to be registered pursuant to Section 12(b) of the Act: None Securities required to be registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the last 90 days. Yes  þ  No  o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of
the Act) Yes  o  No  þ Documents incorporated by reference. None




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INDEX  
 Table of Contents Part
            IItem 1.
        
        Business
        
        2Item 2.
        
        Properties
        
        2Item 3.
        
        Legal Proceedings
        
        2Item 4.
        
        Submission of Matters to
          a Vote of Security Holders
        
        2Part
            IIItem 5.
        
        Market For Registrants Common
          Equity and Related Stockholder Matters
        
        2Item 6.
        
        Selected Financial Data
        
        2Item 7.
        
        Managements Discussion and
          Analysis of Financial Condition and Results of Operations
        
        3Item 7A.
        
        Quantitative and Qualitative
          Disclosures About Market Risk
        
        3Item 8.
        
        Financial Statements and
          Supplementary Data
        
        3Item 9.
        
        Changes in and Disagreements
          with Accountants on Accounting and Financial Disclosure
        
        3Item 9A.
        
        Controls and Procedures
        
        3Item 9B.
        
        Other Information
        
        3Part
            IIIItem 10.
        
        Directors and Executive Officers
          of the Registrant
        
        4Item 11.
        
        Executive Compensation
        
        4Item 12.
        
        Security Ownership of Certain
          Beneficial Owners and Management
        
        4Item 13.
        
        Certain Relationships and
          Related Transactions
        
        4Item 14.
        
        Principal Accountant Fees
          and Services
        
        4Part
            IVItem 15.
        
        Exhibits, Financial Statement
          Schedules
        
        4Certification of Executive Officer Pursuant to Rule 13a-14/15d-14Aggregate Annual Servicing Report for Superior Wholesale Inventory Financing Trust XSuperior Wholesale Inventory Financing Trust X Annual Statement as to complianceReport of Independent Registered Public Accounting Firm dated March 11, 2005
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Part I 
 Item 1. Business
Superior Wholesale Inventory Financing Trust X, (the Trust) was formed pursuant to a Trust
Agreement between Wholesale Auto Receivables Corporation (the Seller) and Chase Manhattan Bank
USA, National Association, as Owner Trustee (the Owner Trustee). On September 16, 2004, the Trust issued
Asset-Backed Notes (the Notes). The Notes are issued and secured pursuant to an Indenture between
the Trust and the Bank of New York, as Indenture Trustee (the
Indenture Trustee and, together with the Owner Trustee,
the Trustees). The Trust also issued Asset-Backed Certificates (the Certificates). For further information,
refer to the Prospectus Supplement dated September 8, 2004 filed pursuant to Rule 424(b) on
September 14, 2004. 
 Item 2. Properties
The property currently held by the Trust includes a pool of wholesale receivables generated in a
portfolio of revolving financing arrangements with dealers to finance inventories of new and used
automobiles and light trucks and collections thereon. 
 Item 3. Legal Proceedings
There are no material legal proceedings involving the Trust, the Seller or General Motors
Acceptance Corporation (GMAC or the Servicer) which relate to the Trust or its property pending
as of the date of this report. 
 Item 4. Submission of Matters to a Vote of Security Holders
No votes or consents of Noteholders or Certificateholders were solicited for any purpose during the
year ended. 
 Part II 
 Item 5. Market For Registrants Common Equity and Related Stockholder Matters
As of December 31, 2004, the holders of the Asset-Backed Notes and Asset-Backed Certificates issued
by the Trust totaled: Class A Term Notes, Series 2004-A
    
    
    13Class B Term Notes, Series 2004-A
    
    
    6Class C Term Notes, Series 2004-A
    
    
    4Revolving Note, Series 2004-RN1
    
    
    1Revolving Note, Series 2004-RN2
    
    
    1Certificates, Class 2004-A
    
    
    1
 To the best knowledge of the Registrant, there is no established public trading market for the
Notes or Certificates. 
 Item 6. Selected Financial Data
Not Applicable 2




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
The Trust was formed pursuant to a Trust Agreement between the Seller and Chase Manhattan Bank USA,
National Association, as Owner Trustee. The Trust issued the following Asset-Backed Notes and
Certificates. The Trust acquired certain eligible wholesale finance receivables from the Seller in
the aggregate amount as shown below in exchange for Floating Rate Asset-Backed Notes and
Asset-Backed Certificates representing undivided equity interests in the Trust. InitialWholesaleDate of Trust
        
        FinanceSale and Servicing
        
        Sale
        
        Asset-Backed
        
        
        Asset-BackedTrust
        
        Agreement
        
        Amount
        
        Notes
        
        
        Certificates(millions)
        
        (millions)
        
        
        
        
        
        (millions)Superior
        
        September 16, 2004
        
        $
        4,372
        
        
        Class A Term
        
        $
        2,000
        
        
        
        2004-A
        
        
        $
        186Wholesale
        
        
        
        
        
        
        
        
        
        Notes 2004-A
        
        
        
        
        
        (Private Placement)InventoryFinancing
        
        
        
        
        
        
        
        
        
        Class B Term
        
        $
        131Trust X
        
        
        
        
        
        
        
        
        
        Notes 2004-AClass C Term
        
        $
        55Notes 2004-ARevolving
        
        $
        1,000Note 2004-RN1Revolving
        
        $
        1,000Note 2004-RN2
 GMAC, the originator of the wholesale receivables, continues to service the receivables
for the Trust and receives compensation and fees for such services. Investors receive monthly
payments of interest for each class of Notes and Certificates based on floating interest rates. 
 Item 7a. Quantitative and Qualitative Disclosures About Market Risk
Not Applicable 
 Item 8. Financial Statements and Supplementary Data
Not Applicable 
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None 
 Item 9A. Controls and Procedures
Not Applicable 
 Item 9B. Other Information
None 3




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Part III 
 Item 10. Directors and Executive Officers of the Registrant
Not Applicable 
 Item 11. Executive Compensation
Not Applicable 
 Item 12. Security Ownership of Certain Beneficial Owners and Management
Not Applicable 
 Item 13. Certain Relationships and Related Transactions
None 
 Item 14. Principal Accountant Fees and Services
None 
 Part IV 
 Item 15. Exhibits, Financial Statement Schedules List the following documents filed as a part of the report:  (1)
    Financial Statements  Not Applicable(2)
    Financial Statement Schedules  Not Applicable(3)
    Exhibits  
    Annual Statement to Noteholders and Certificateholders stating aggregate totals
of information in distribution reports.
    Officers Certificate of Compliance pursuant to Section 4.1 of the Trust Sale and Servicing Agreement.
    Copy of Report of Independent Registered Public Accounting
Firm dated March 11, 2005   4




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Signature Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. Superior Wholesale Inventory Financing Trust Xby: General Motors Acceptance Corporation(Administrator, not in its individual capacity butsolely as Administrator on behalf of the Trust)Date: March 31, 2005
    
    /s/ Jerome B. Van Orman, Jr.Jerome B. Van Orman, Jr.Vice President  Finance and Chief Financial Officerof GMAC North American Operations
  5




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Index of Exhibits Exhibit
    
    Description
    
    Method of Filing31
    
    Certification of Executive Officer pursuant to Rule 13a-14 / 15d-14
    
    Filed herewith.99.1
    
    Aggregate Annual Servicing Report for Superior Wholesale Inventory Financing Trust X
    
    Filed herewith.99.2
    
    Superior Wholesale Inventory Financing Trust X Annual Statement as to compliance
    
    Filed herewith.99.3
    
    Report of Independent Registered
Public Accounting Firm dated March 11, 2005
    
    Filed herewith.