System for managing physical assets

A key management system for controlling access to vehicle keys includes a key set, a key container and an electronic access device. The key set includes vehicle keys to a particular vehicle and a key tag associated with the vehicle keys having an electronically readable identifier. The key container has a key set storage area secured by an electronic lock and a circuit that detects when the key set is stored in the key set storage area. The access device is carried by a user to access the key container, and has a memory that is updated with at least the identifier of the key tag when the key container is successfully accessed.