Truncate not working

[Jeff Norton]

I have MySQL 4.1 with the my table is

/*
MySQL Backup
Source Host: localhost
Source Server Version: 4.1.18-nt
Source Database: test
Date: 2006/03/24 22:15:54
*/

SET FOREIGN_KEY_CHECKS=0;
use jnorton1_ecom;
#----------------------------
# Table structure for 73266_inventory
#----------------------------
CREATE TABLE `73266_inventory` (
`ID` int(11) NOT NULL auto_increment,
`SKU` varchar(255) default NULL,
`ITEMID` varchar(255) default NULL,
`DESCRIPTION` longtext,
`VENDOR` varchar(255) default NULL,
`CAT` varchar(255) default NULL,
`PRICE` varchar(255) default NULL,
`Weight` varchar(255) default NULL,
`SIZE` varchar(255) default NULL,
`UNIT` varchar(255) default NULL,
`SUB-CATEGORY` varchar(255) default NULL,
`STATUS` varchar(255) default NULL,
`FR` varchar(255) default NULL,
`LA` varchar(255) default NULL,
`AT` varchar(255) default NULL,
`CH` varchar(255) default NULL,
`DA` varchar(255) default NULL,
`HO` varchar(255) default NULL,
`KA` varchar(255) default NULL,
`NJ` varchar(255) default NULL,
`TA` varchar(255) default NULL,
`MI` varchar(255) default NULL,
`PO` varchar(255) default NULL,
`LR` varchar(255) default NULL,
PRIMARY KEY (`ID`),
KEY `SKU_73266` (`SKU`)
) ENGINE=InnoDB DEFAULT CHARSET=latin1 COMMENT='InnoDB free: 145408 kB; InnoDB free: 145408 kB; InnoDB free:';
#----------------------------
# Records for table 73266_inventory

when I >"truncate table 73266_inventory" it deletes the data but keeps the auto incremnt value for the primary key and when I go to insert a new value the ID key resumes from the old value