Anti theft products rely on GPS installed on your device. If you have no GPS, they will try to use the IP address assigned to your computer/internet connection. Your friend may have a static IP address that never changes and would always be able to point to the physical location of the device. If your ISP does not give you a static IP address, it will change every time you establish an internet connection. Even if you use a router, the IP address may change every so often, so no one IP can be associated with your house. Those would show up as belonging to the CO as you say.
If stolen, your laptop could still be traced to some extent if the Police are able to get a warrant for the information from the ISP about the IP address assigned to the stolen laptop. Even though the IP address is assigned to you temporarily, the ISP is still logging who is getting the IP.