A tracking system for a work tool is disclosed. The tracking system may include a tracking device coupled to the work tool and configured to transmit a work tool identification signal and a scanning device configured to scan and detect the work tool identification signal within the area around the scanning device and the tracking device. A location identification module and a communication module may be coupled to the scanning device and configured to receive the work tool identification signal, generate a work tool location signal including a location indicator and an identification of the work tool, add a date and time stamp to the work tool location signal and transmit the work tool location signal to an asset location center. The tracking system may further include a controller configured to receive and save the work tool location signal with the date and time stamp into an asset location database.