Traction control new B...light not coming on?

Alright alright, before you all get on me I did a search and am pretty sure I found what Im looking for...I have never owned a stang or any car with traction control. I have driver other cars with a tcs and I know when you push the button a light some on and tells ya....anyways...I test drove a 2000 gt the other day which Im pretty sure Im buying...but when I took it out with the dealer with me, I came to a stop to turn around and pushed the traction control button and it did nothing, no lights came on anywhere or nothing, I pushed it several times and nothing. So he said he was going to look in the manual for it cause he doenst know anything about it. Well we drive back to the lot, turn the car off, turn the key to the on position and the light lights up on the dash, but nothing happenes when you push the switch. So...from what I read, the sounds like the switch is bad? Am I correct in assuming this?

Heres the low down on the car Its a 2000 Silver GT 5 spd black leather. Has 44k miles. I talked to the previous owner who traded it in on a 1968 Camaro. His wife was best friends of that previous owner, who knows the previous owner wich was a lady who had it till 3000 miles. So In other words, I know the entire history of the car. THe car is in mint shape, there isnt a single scratch, chip or dent on the entire car. Its got a flowmaster catback, some type of short shifter, bbk lowering springs, REAL FMS Chrome cobra r wheels, bbk cold air kit and 3.73s and thats all I can think of from the top of my head. Hoepfully everything will happen monday Thanks guys/gals!