here are only 3 things that could go wrong related to this problem: EML+ASC (traction control) lights are throttle body related issues.
1. Throttle flaps get stuck due to sticky residue which can be cleaned out.
2. Throttle position sensors are bad which is imbedded into the throttle body (mechanical cable set up).
3. Wire harness is not plugged into throttle body correctly or the wire harness itself is faulty.
If any of these issues occur it will send a signal to the computer which will put the car into limp mode.
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bimmers is the way to go........