Intermittent Traction Control

I recently purchased a 2007 Z06, and since day one have had this problem.

When the TC button is pressed, it says traction control off, when it is pressed a second time, it says Traction control on.
When I try to press it twice within the 5 second window to go into competitive driving mode, it just switches back and forth from the two settings listed above.

BUT! There is a slight occasion where I can cycle through all four TC settings. I have owned the car two months and today was the second time I was able to go into competitive driving mode or traction control and active handing off.

Thank you in advance for any insight you may have on this issue

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Intermittent Traction Control