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I bought my 528I (1997) from a good friend of mine. The ASC light on the dash was on. Not an issue in state inspection. The dealer wanted to charge $950.00 to fix the problem, said the module had gone bad and needed replacing.
While cleaning my engine I observed a throttle cable was loose in the engine. I pulled it and it was broken. The short cable went to a actuator/motor. I went to the local dealer ship and bought the cable, called the Bowden Cable ($14.99) and replaced it. I had to remove the two bolts holding the motor/actuator in place. After replacing the cable I turned the ignition on and the ASC light was on momentarily and then it went away.
The problem was fixed in less the $15.00 for what the dealer wanted to charge $950 for.
If you have this problem, check the cable if it is loose, has slack or broken simply adjusting or replacing might work. I will try and post pictures later today to show where the cable is located.:thumbup:
 

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Yerp

Hey, how are you? Yerp, that's why the dealer is know as the "stealer" or "stealership" around here.

I to had a similar issue. They wanted to replace the brain of the thing (was throwing some kind of servo-motor unit code--don't quote me, don't have sheet in front of me now, ha), turned out to be the wheel sensor. Stay cool.
 

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Also...

Ya, let me just add this: that is the problem with working an issue based on computer codes only.

I found my current mechanic, who I trust and who is always accurate on first shop visit (may take him 2 weeks, lol), based on the fact that he said "I'll run the codes, but I'll need to do visual inspection and a test drive" the first time I talked to him on the phone.

Stay cool.
 
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