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Hello and welcome to JustAnswer BMW,My name is XXXXX XXXXX it will be my pleasure to assist you today.
When these warning lights come on together, it indicates a fault within the ABS / traction control system on the car. The ABS system is what feeds the speed to the speedometer, so this is why it will not function either.
There are two very common things that cause these lights to come on together, a faulty wheel speed sensor or a failure within the ABS / traction control module itself.
You will need to have the fault memory read from the car to determine exactly what your issue is. If a wheel speed sensor is determined to be the problem, then you will need to replace that sensor (about $150).
If the module is determined to be the problem, then the module itself will need to be replaced or sent out to be fixed. Two good places that fix these are Module Masters and BBA Reman. You can find both on google. They charge about $300 to repair one of these modules. Replacing the module with a new one will cost around $1000, so sending yours out to be rebuilt is the best option should the module turn out to be the failed component.
Again, you will need to have the fault memory read from the vehicle to confirm 100%, but chances are the problem is either a wheel speed sensor or the abs/traction control module. It
Please be sure to drive carefully as you do not have ABS or traction control functionality on your vehicle if these lights are on.
I hope that is helpful, please let me know if you have further questions, or if I can clarify anything for you.
It has been my pleasure to help today and I wish you the best of luck with your vehicle.
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