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F

ed eral

r e se r v e

Ba

n k

O F DALLAS

D allas, T exas, M a rch 3, 1951

R E G U L A T IO N W
A U T O M O B IL E A P P R A I S A L G U ID E S

To Lenders, Automobile Dealers, and Certain Others in the
Eleventh Federal Reserve District Concerned with Regulation W :
In o rd e r to fa cilita te th e op era tion s o f au tom obile dealers
w h o m u st com p ly w ith G eneral C eilin g P rice R egu la tion , Supple­
m en ta ry R eg u la tion 5 (G C P R , SR 5 ), se ttin g retail p rices f o r
new and used autom obiles, and w ith R egu la tion W , th e B oard o f
G ov ern ors o f th e F ederal R eserv e S ystem has m ade th e fo llo w ­
in g d esign a tion o f issues o f appraisal gu ides f o r th e p u rp oses o f
P a rt 4 o f th e S u pplem ent to R egu la tion W :
D u rin g a n y p eriod in w h ich a n y reg u la tion p re scrib in g
any p rice ceilin g on au tom obiles u n der th e D e fe n se P r o ­
d u ction A c t o f 1950 is based on a p rice listed in an issue
o f an appraisal gu ide specified in su ch regu la tion , such
specified issu e is h ereb y d esign ated f o r th e p u rp oses o f
P a rt 4 o f th e Supplem ent to R egu la tion W in th e areas
f o r w h ich th e p a rticu la r issu e o f th e appraisal gu id e is to
b e used u n der th e p rice regu lation .
T h is d esign a tion is in add ition to p reviou s d esign a tion s
b y th e B oa rd f o r th e p u rp oses o f P a rt 4 o f th e Supplem ent
to R eg u la tion W , and is s u b je c t to all th e con d ition s th a t
apply t o such p reviou s d esign ation s. A m o n g o th e r con d i­
tion s, “ th e a v era ge retail va lu e” to be used f o r p u rp oses o f
R egu la tion W shall n ot include a n y added value f o r a
rad io o r h eater.
T h e p rev iou s d esign a tion m ade b y th e B oard o f G overn ors
o f in terest to p erson s in th is d is trict is con ta in ed in o u r circu la r
letter, dated S ep tem b er 14, 1950.
Y o u rs v e r y tru ly,
R . R . G IL B E R T
P resid en t

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