my volvo v70 xc has a trac light on and a asb also, what does this mean?

Both systems (Traction Control and Anti Brake Skid) use the wheel speed sensors and hydraulic control unit to control wheel slip and spin, so it is likely that the control module has detected a fault with an element of the system. The control module or PCM should have trouble codes indicating the area that is faulty.

Common problem.

It's an ABS module.

if your car is from 98-2000, Ipd sells them.

If not, take it to your local Volvo dealer and tell them you need an ABS module, don't let them tell you otherwise or try to sell you something else.

To repeat what Jake said - it is the ABS control module. It will either need to be replaced or can be rebuilt if you remove it and send it to a repair shop.

See the link below for more info.

Could mean that you are running with a low pressure tire or have a defective sensor on one of the wheels

It means your ABS Control Unit is Bad.

A little bit pricey to fix.