ASV's history dates back to 1983 when it began development of its first product: the Track Truck. Its founders included Edgar Hetteen and Gary Lemke, both forerunners of the early snowmobile industry. Hetteen founded both Polaris Industries and then Arctic Cat, whereas Lemke was owner of the largest Arctic Cat dealerships in North America. When the snowmobile industry softened due to oversaturation of the market and several years of poor snow conditions, Lemke and Hetteen turned their attention to the development of the Track Truck - a rubber-tracked vehicle the size of a pick-up truck yet with ground pressure less than a human on foot. It was an ideal utility machine for use in adverse ground conditions, such as in northern Minnesota where they lived. Thus, ASV was formed.
In 1990 ASV introduced the first Posi-Track rubber track loader to meet the needs of construction, agricultural and landscaping industries. The MD-70 blended the power of a steel track dozer with the versatility of a loader-mounted quick-coupler and put it all on a rugged rubber track undercarriage. Many of the MD-70s were built, including specialized versions for California vineyards and mine-removal units serving the military in the Middle East.
In 1995 ASV moved from its original facility in Marcell, MN to its current location in Grand Rapids, MN. The facilities there grew as did ASV's reputation for its unique machines and track-driven undercarriage technology. In 1998 ASV entered into an alliance with Caterpillar Inc. and continues to produce rubber track undercarriages for some of the Cat compact equipment product line.
In 2007 Terex, Inc. purchased ASV Inc. from its original shareholders and later began to offer ASV-designed compact track loaders under the Terex brand, and continues to offer those products today. They added a line of ASV-built skid steer loaders to the Terex product line in 2011.
In 2014 ASV LLC was formed through a joint venture by Manitex International, Inc. and Terex, whereas Manitex owns 51 percent of ASV. In April 2015, ASV LLC began marketing its own line of compact track loaders, once again under the ASV brand. The tradition of innovation and expertise in rubber track undercarriage design that started in the early 1980's continues today.