What would be the proper process to go through when a piece of equipment is transferred from one com

What would be the proper process to go through when a piece of equipment is transferred from one company to another company?

I am particularly interested in how to treat meter readings as the equipment moves from one company to another.  We want to be able to track or monitor the hours each company may be using the equipment .  From a reporting standpoint, it makes it difficult since there doesn't seem to be a way to create a new beginning odometer/meter value as if it were being replaced whenever the equipment moves to a new company.