SOURCE: Yellow explanation mark warning light
that is your traction control. Either you pressed the traction control button it say ASR OR ESP on your console in the center next to the hazard switch.
SOURCE: BMW DASHBOARD LIGHT 1998
Actually i think it means that your anti spin control is turned off. in my bmw the button for asc is located just in front of the gearstick. try pushing the button.
SOURCE: Abs and orange triangle light with circled arrow
I seemed to have run into a website that you might want to check out. about a 1/4 the way donw the page
http://www.bimmerfest.com/forums/showthread.php?t=57010
SOURCE: ALARM LIGHT ON THAT LOOKS LIKE A TRIANGLE WITH ARROW CIRCLING IT. WHAT DOES IT MEAN
On a 1998 3 series (E36) BMW, this indicator lamp is for the ASC+T = automatic stability control plus traction. It should go shortly after the ignition is switched on implying that the system is OK.
If the indicator lamp fails to go out after the engine is started, or comes on in the course of normal vehicle operation it means that the system has malfunctioned. The vehicle remains operational, but without ASC+T. You a have an 2001 3 series (E46), but I suspect the indicator lamp means the same as the E36 3 series. Look in owners manual under "indicator lamps"
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