Is there a solution to latency related to part position related to network ownership?

I noticed this is a really big issue in racing games as well as games that require precision with moving parts that are owned by a certain client across clients. A part might be in the correct "position" for someone with ownership of that part, but let's say a moving part has a local click detector inside it. If another person were to click the part and print the part's position, it would print a position that isn't the same as the position of the player who owns it. This creates a lot of issues in smaller-scale games with low velocities as well as high velocities. I know this is a result of client data not being transferred to another player fast enough, but how can you fix this? If a game's integrity relies on a network ownership system for smooth gameplay, how can you ensure that positions are aligned correctly as well as keeping network ownership and ownership transferring smooth? Is there a really good method of doing this, without trying to "simulate" where a part or person will be in a few milliseconds?