An asset monitoring and security system includes at least one asset assigned a unique identifier and operable wirelessly transmit an identification signal embodying the identifier. A data store maintains a list of the assets and privileges associated with the assets for authorized users of the assets. A control unit is adapted to receive identification signals from the assets and monitor positions of the assets within a defined area. The control unit communicates with the data store and is further operable to initiate an alarm event when privileges associated with a given asset for authorized users of the asset are exceeded. Each of the assets includes a lock-out mechanism that impedes use of the asset when the lock-out mechanism is activated. The control unit activates the lock-out mechanism of a given asset when the privileges associated with the asset for authorized users of the asset are exceeded.