ASV Announces the Launch of ASV Capital; Strong ASV Sales Growth Prompts New Business Alliance

GRAND RAPIDS, Minn.--Oct. 1, 20054, 2005--ASV, Inc. announced today it has partnered with CIT Group Inc. to form ASV Capital, a private label finance program to offer wholesale and retail financing options on the sale of ASV products.

Speaking on the launch of ASV Capital, ASV Director of Sales Don Powell said, "We are pleased to offer the financing capabilities of ASV Capital to our dealers and customers. Sales of ASV products are strong and continue to grow. To capitalize on our increasing demand we looked for ways to enhance the sales process and offer new credit options to our dealers and customers. We believe our partnership with CIT, one of the leaders in equipment finance, will give our dealers attractive financing options and a streamlined process, further enhancing their sales of ASV products."

With CIT's recent investment in technology, ASV dealers will receive first in class service with quick turnaround on all retail transactions. Representatives of ASV and CIT will make joint credit decisions, with CIT retaining the risk of the credit portfolio.

ASV Capital is expected to offer credit lines to approved dealers for wholesale transactions, eliminating much of the paperwork that now exists when financing ASV equipment. With these streamlined funding procedures, ASV is expected to receive more timely payment on the sale of its products.

According to CIT Vice President Rick MacDonald, ASV's strong financial position and its outlook for future growth were key in attracting CIT to this program. "ASV's increasing sales volumes and opportunities for continued growth attracted us to this new business alliance. We are pleased to build on our current relationship with this new private label financing program to further assist ASV in building its sales and increasing its market penetration."

ASV Capital is being introduced to ASV dealers immediately and will be available for all future equipment transactions.

About CIT

CIT Group Inc., a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com.

About ASV

ASV designs, manufactures and sells rubber track loaders and related accessories, attachments and traction products. ASV also manufactures rubber track undercarriages, some of which are a primary component on Caterpillar's Multi Terrain Loaders. With its patented undercarriage technology, ASV leads all rubber track loaders 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.

Forward Looking Statements

Note: The statements set forth above regarding ASV's new business alliance with CIT are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Certain factors may affect whether these anticipated events occur including ASV's ability to successfully launch and manage the financing program, dealer and customer acceptance of the program, costs or other difficulties in the administration of the program, unanticipated problems or delays experienced by CIT relating to the credit offerings and credit approval process, market acceptance of ASV's products, deterioration of the general market and economic conditions, corporate developments at ASV and ASV's ability to realize the anticipated benefits from its relationship with CIT. Any forward-looking statements provided from time-to-time by the Company represent only management's then-best current estimate of future results or trends. Additional information regarding these risk factors and uncertainties is detailed from time to time in the Company's SEC filings, including but not limited to, its quarterly reports on Form 10-Q.