A computerized “smart card” which has a read/write memory and formatted data storage blocks is used to track the life history of one or more associated machine(s) (e.g., vehicles, medical instrumentation and apparatus, business and copying machines, etc.). The smart card can store a variety of information including machine identification, hardware/software specifications, debit/credit, regulated performance, warranty/insurance, maintenance/service and operational transactions that might impact the hardware, software or the intended operation or performance of the machine. The smart card will be equipped to interact with any of a plurality of autonomous reader/writer smart card units and computer-based reader/writer smart card units that may be equipped to interact with any of the plurality of computer databases through the utilization of land or wireless communications links. Preferably, each smart card will be associated with one or more specific machines at the time of sale of the machines, and will be periodically updated at each transaction (e.g., repair, scheduled maintenance, transfer of title, etc.) using reader/writer units operated by service technicians, repair shops, insurance agents, or the like. Thus, upon transfer of title of the machine, the smart card will also be transferred to provide the new owner with a complete life history for the machine. The stored life history can be used for valuation, maintenance scheduling, problem trouble shooting, and other applications. In the case of a single card being associated with a group of machines (e.g., a company with a fleet of cars, trucks or buses, or a company with several photocopiers, etc.), the card can also be used to track the scheduled replacement of individual machines within the group. Provisions are also made to associate new cards with existing machines to track the future life history of a particular machine.