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It's all explained in detail if you buy the game and read the manual. But basically:
1. Active Stability Management (ASM)
Prevent skids and slides. When you lose steering control, the brakes are automatically applied to effectively steer your car where you want to go.
2. Traction Control System (TCS)
Detects and actively prevents wheelspin. The greater the number, the stronger the TCS will be. If you set this to a high setting the car will be more stable but your acceleration will be reduced.
3. Active Steering
Gives you more stability while steering if you set it to Mild or Strong, especially at higher speeds.