Using Missouri Show-Me-Select Replacement Heifers Inc. sale data, this article uses hedonic modeling to assess the marginal implicit values of physical and genetic characteristics, expected performance characteristics of calves, and market factors to bred heifer price. In 2008, a higher quality standard, known as Tier II, was created combining minimum expected progeny difference (EPD) accuracies for a heifer’s sire with previous heifer standards. Heifer characteristics and market factors as well as yearling and carcass weight EPDs were found to significantly influence heifer price. Results suggest that Tier II heifers receive a premium compared with traditional Show-Me-Select heifers.