A system and method for asset tracking utilizing a wireless device. An asset such as a vehicle can be equipped with a 3-axis geomagnetic sensor and an accelerometer in association with a remote control hardware component capable of responding to SMS (Short Message Service) command transmitted from the wireless device. As soon as the theft of the asset is detected, a “Theft in progress” SMS data can be transmitted from the wireless device to the remote device attached to the asset. The device then queries the geomagnetic sensor and the accelerometer at a pre-defined rate and transmits the X-Y-Z coordinates and acceleration values to the cell phone/computer via SMS at regular intervals. The device can also log the route of vehicle in a non-volatile memory which can be queried utilizing a “Request History” command.