Exhibit 99.1

                                                            For more information
                                                                       Jay Lemke
                                                          Carmichael Lynch Spong
                                                                  (612) 375-8529
                                                               JLEMKE@CLYNCH.COM

                  ASV Announces New Caterpillar Board Designate

         GRAND RAPIDS, MN (January 18, 2005)-- ASV, Inc. (NASDAQ: ASVI) today
announced that its Board of Directors has appointed Edward J. Rapp, Vice
President with Caterpillar's Building Construction Products Division, as the new
Caterpillar Inc. (NYSE: CAT) designate to the ASV Board. Mr. Rapp, a 25-year
veteran with Caterpillar, has held positions in various commercial, marketing
and management capacities in the United States and internationally. Mr. Rapp has
been appointed to ASV's Board to occupy the position previously held by Richard
Benson, President of Caterpillar's Global Mining Division, which was made
available from Mr. Benson's recent retirement from Caterpillar. Mr. Benson, at
the request of the Board, has agreed to remain on ASV's Board as an independent
director.

         Commenting on the Board changes, ASV Chairman and CEO Gary Lemke
stated, "We are pleased to add Ed Rapp to our Board. Ed comes to our Board with
a broad range of experience, particularly in the construction equipment market.
We are also very pleased to retain the Board services of Dick Benson following
his retirement from Caterpillar. Dick was instrumental in beginning
Caterpillar's affiliation with ASV in 1998 and is a true believer in what ASV is
accomplishing in the rubber track loader market."

         The agreements between ASV and Caterpillar allow Caterpillar to have
representation on ASV's Board proportionate to its stock ownership in ASV.
Caterpillar currently owns approximately 24% of ASV's outstanding common stock,
but has chosen to maintain just one Board seat on ASV's current Board of nine
members.

         About ASV

         ASV designs, manufactures and sells rubber-tracked, all-purpose
crawlers and related accessories, attachments and traction products. ASV also
manufactures rubber-tracked undercarriages, some of which are a primary
component on Caterpillar's Multi Terrain Loaders. With its patented
undercarriage technology, ASV leads all rubber-tracked, all-purpose crawlers in
technology and innovation. ASV's products are able to traverse nearly any
terrain with minimal damage to the ground, making it effective in industries
such as construction, landscaping and agriculture. For more information, visit
ASV's website at www.asvi.com or the website of its wholly-owned subsidiary,
Loegering Mfg. Inc., at www.loegering.com.