The Holt Manufacturing Co. was founded in 1892 at Stockton, California by Benjamin Holt to produce combine harvesters and steam traction engines for west-coast farmers. These early traction engines were heavy three-wheeled machines that featured wide back wheels to increase flotation and prevent them sinking into the soft Californian soil. To overcome this problem, Holt began to experiemnt with crawler tracks in place of rear wheels and several prototype steam tracklayers were tested successfully around 1905. At this time, steam engines rapidly being replaced by gas engines, and Holt began production of a 25 hp gasoline-powered crawler tractor in 1908. In the same year, Holt purchased the company of his main competitor, Daniel Best, which gave access to the latter's dealer network and new technology. In 1910, Holt moved his company to Peoria, Illinois, renaming it the Holt Caterpillar Co., and from that time all Holt tracklayers carried the "Caterpillar" trademark. The range of Holt crawlers expanded to include 45, 60 and 70 hp models. Many of these were sent to Europe during the First World War for use by the Allies, and the 75 hp model in particular was used for hauling heavy guns. Smaller designs were added to the range to satisfy the demands of California's orchard and vineyard owners. In the 1920s, the 5-Ton" and 10-Ton models appeared, and with their compact design and fully-enclosed engine they were the shape of things to come. The Best name had been revived in 1910 by Daniel's son, C.L. Best, and this company continued to compete with Holt for sales of crawler tractors over the next decade and a half. In 1925, however, Holt and Best decided to merge their interests once more and formed the Caterpillar Tractor Co. at Peoria, Illinois.

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