Hi All,
Thanks for your inputs. On closer examination, this turned out to be something that looks like black tar. Not concrete/asphalt. Hence it was very stubborn to get out, especially under the hot Texas sun.
The dark black spots were in stark contrast to the white paint and there were 100s of spots from pencil dot sized spots to about 1-inch blobs. I went to Autozone and bought 'Terminator' spray. The spray-can said that it would help dissolve tough bug, tar, and asphalt. So I bought it and gave it a shot.
It works quite well. But took about 2-3 hours of hard work. There is still some work remaining, but overall this product seems to get the tough spots out.
It works best on glass (headlamp/lights) and plastic as those come off a lot easier. But, the blobs on the vehicle paint takes a lot of scrubbing to get out. After spraying, wait 1 minute for it to dissolve and then the scrubbing can begin. If not careful, the initial scrubbing tends to smudge to large places, so have to redo a few times.
Caution: The spray product asked to be careful with plastic as it could dissolve some forms of plastic. But it seems to be OK on the plastic on the BMW.