System and method for tracking assets comprises determining if an asset is inside a geofence area, using a first set of asset monitoring parameters to monitor operation of the asset, if the asset is inside the geofence area, and using a second set of asset monitoring parameters to monitor operation of the asset, if the asset is outside the geofence area. The invention further comprises a system and method for providing one or more competitors with an asset tracking device, wherein the asset tracking device allows each competitor's location to be monitored, defining one or more geofence areas on a racetrack, and detecting when the competitors enter a designated geofence area.