Apparatus and method for tracking and managing physical assets

A computer based system automatically gathers, analyzes, and delivers information relating to the procurement and utilization of a plurality of such assets, such as a fleet of industrial equipment, so as to maximize productivity and to reduce operating costs and administrative burdens. Each of the assets is preferably provided with a data acquisition device for sensing and storing one or more operating characteristics associated therewith. That information can be transmitted through space to a receiver connected to a local controller for storing such information and for transmitting such information to a remote analysis system. The remote analysis system automatically updates individual records associated with each of the assets with the information received. In response to such information, the remote analysis system automatically analyzes the newly provided information and generates reports regarding scheduled maintenance, warranty coverage, and other management information. These reports and newly provided information can also be transmitted for review and usage by one or more additional parties including an asset owner who sets lease rates in part based on asset usage as determined from objective criteria.