UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
                               FORM 8-K
                            CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:  May 6, 1999

                      WHOLESALE AUTO RECEIVABLES CORPORATION
               ------------------------------------------------------
               (Exact name of registrant as specified in its charter)


          Delaware                  33-50323           38-3082709
-------------------------------    ----------      ------------------
(State or other jurisdiction of    Commission        (I.R.S. Employer 
incorporation or organization)     File Number     Identification No.)


Corporate Trust Center
1209 Orange Street, Wilmington, DE             19801
---------------------------------------     ----------
(Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code 302-658-7851
                                                   ------------


Items 1-4.                        Not Applicable.

Item 5.               Other Events

                      On  May  4,  1999  the   registrant   made   available  to
                      prospective  investors a series term sheet setting forth a
                      description  of  the  collateral  pool  and  the  proposed
                      structure.  Wholesale Auto  Receivables  Corporation  will
                      issue  $750,000,000  of  Floating  Rate Asset  Backed Term
                      Notes,  Series  1999-A,  $1,250,000,000  of Floating  Rate
                      Asset  Backed   Revolving   Notes,   Series  1999-RN1  and
                      $185,800,000  of Floating Rate Asset Backed  Certificates,
                      Class 1999-A.  Only the Series 1999-A Term Notes are being
                      offered for sale. The Certificates  will initially be held
                      by Wholesale Auto Receivables Corporation. The series term
                      sheet is attached hereto as Exhibit 99.
<PAGE>


Item 6.                         Not applicable.

Item 7.                         Exhibits.



Exhibit 99.                     The following is filed as an Exhibit to this
                                Report under Exhibit 99.

                                           Series  Term Sheet dated May 4, 1999,
                                           with respect to the proposed issuance
                                           of the  Floating  Rate  Asset  Backed
                                           Notes,  Series 1999-A,  Floating Rate
                                           Asset Backed Revolving Notes,  Series
                                           1999-RN1 and the Floating  Rate Asset
                                           Backed Certificates,  Class 1999-A of
                                           Wholesale      Auto       Receivables
                                           Corporation 1999-A.


                                   SIGNATURES
Pursuant  to the  requirements  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.


                                        WHOLESALE AUTO RECEIVABLES CORPORATION 
                                        --------------------------------------
                                                      (Registrant)
                                        s/  William F. Muir
                                        -------------------
Dated:            May 6, 1999           William F. Muir, Chairman of the Board
                -----------------



                                        s/  John D. Finnegan
                                        --------------------
Dated:            May 6, 1999           John D. Finnegan, President and Director
                -----------------

<PAGE>


                                  EXHIBIT INDEX

Exhibit             Description                                         Page
-------             -----------                                         ----

99                  Series Term Sheet dated May 4, 1999
[{"type": "8-K", "sequence": "1", "description": "WHOLESALE AUTO RECEIVABLES CORPORATION", "secsgml_size_bytes": 4267}]
{"company-data": {"conformed-name": "WHOLESALE AUTO RECEIVABLES CORP", "cik": "0000894360", "assigned-sic": "6189", "irs-number": "383082709", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-50323", "film-number": "99612762"}, "business-address": {"street1": "1201 MARKET STREET", "city": "WILMINGTON", "state": "DE", "zip": "19801", "phone": "3024283375"}, "mail-address": {"street1": "1201 MARKET STREET", "city": "WILMINGTON", "state": "DE", "zip": "19801"}}
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
                               FORM 8-K
                            CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:  May 6, 1999

                      WHOLESALE AUTO RECEIVABLES CORPORATION
               ------------------------------------------------------
               (Exact name of registrant as specified in its charter)

          Delaware                  33-50323           38-3082709
-------------------------------    ----------      ------------------
(State or other jurisdiction of    Commission        (I.R.S. Employer 
incorporation or organization)     File Number     Identification No.)

Corporate Trust Center
1209 Orange Street, Wilmington, DE             19801
---------------------------------------     ----------
(Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code 302-658-7851
                                                   ------------

Items 1-4.                        Not Applicable.

Item 5.               Other Events

                      On  May  4,  1999  the   registrant   made   available  to
                      prospective  investors a series term sheet setting forth a
                      description  of  the  collateral  pool  and  the  proposed
                      structure.  Wholesale Auto  Receivables  Corporation  will
                      issue  $750,000,000  of  Floating  Rate Asset  Backed Term
                      Notes,  Series  1999-A,  $1,250,000,000  of Floating  Rate
                      Asset  Backed   Revolving   Notes,   Series  1999-RN1  and
                      $185,800,000  of Floating Rate Asset Backed  Certificates,
                      Class 1999-A.  Only the Series 1999-A Term Notes are being
                      offered for sale. The Certificates  will initially be held
                      by Wholesale Auto Receivables Corporation. The series term
                      sheet is attached hereto as Exhibit 99.
Item 6.                         Not applicable.

Item 7.                         Exhibits.

Exhibit 99.                     The following is filed as an Exhibit to this
                                Report under Exhibit 99.

                                           Series  Term Sheet dated May 4, 1999,
                                           with respect to the proposed issuance
                                           of the  Floating  Rate  Asset  Backed
                                           Notes,  Series 1999-A,  Floating Rate
                                           Asset Backed Revolving Notes,  Series
                                           1999-RN1 and the Floating  Rate Asset
                                           Backed Certificates,  Class 1999-A of
                                           Wholesale      Auto       Receivables
                                           Corporation 1999-A.

                                   SIGNATURES
Pursuant  to the  requirements  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.

                                        WHOLESALE AUTO RECEIVABLES CORPORATION 
                                        --------------------------------------
                                                      (Registrant)
                                        s/  William F. Muir
                                        -------------------
Dated:            May 6, 1999           William F. Muir, Chairman of the Board
                -----------------

                                        s/  John D. Finnegan
                                        --------------------
Dated:            May 6, 1999           John D. Finnegan, President and Director
                -----------------
EXHIBIT INDEX

Exhibit             Description                                         Page
-------             -----------                                         ----

99                  Series Term Sheet dated May 4, 1999