The anti-lock brake system (ABS) warning light and/or other dash warning lights may illuminate due to a failed ABS Control Module. Replacement of the failed module is generally required to correct this concern.Google+
Car Problem Reports
Volvo S70 ABS Control Module May Fail
Volvo S70 Problem
Model Year Affected: 2000
Visitor, 2000 Volvo S70, 160,000 mi
Check engine light and ABS light are on...Arrow lights flashing...Speedometer and cruise control are not working...Transmission sometimes refuses to shift or will not go into overdrive..sometimes will not come out of 3 rd gear..and will stop at a stoplight and have to take off in 3rd..Sometimes it helps to pull over and turn car off then back on...Same with reverse..sometimes I put it in reverse and it just revs up..I shut it off and back on and I have reverse again.I unplugged the ABS module and it shifts fine..No problems ...I just don't have cruise or a speedometer.. Gonna get my ABS module repaired.I believe that this problem should have warranted a recall , I heard it is caused by bad solder connections.