The Automotive Service Association reports that it was the victim of a significant theft of funds by a former employee.

The ASA board has brought in the "proper authorities" and is "taking concerted action to hold that person accountable for the crimes committed."

As a result of the thefts, two unnamed ASA executives resigned from the association, the Colleyville, Texas-based ASA said.

“ASA is relieved to report that the association was insured and took immediate action,” the association said in a statement. “Thankfully, our insurance partners expedited the process and ASA recuperated a portion of its loss. In addition, proper measures have been taken to prevent any further such activity.”

ASA said that its NACE and CARS events, which are produced for ASA by Hanley Wood Exhibitions, were not “compromised” by the theft. “Those events, and any related income, are handled directly by Hanley Wood and are completely separate from ASA’s finances,” ASA said.

“The issue has been addressed and ASA is looking forward to the future. I expect great things from the association in 2013 as well as years to come,” said Darrell Amberson, ASA chairman.The association said that under advice from its attorney, it will offer no further comment.