Previous Inspection I and Inspection II have been replaced by BMW with CBS (condition based service) type of maintenance services, thus enabling BMW to monitor and alert wear of individual components or systems.
Be observant of exclamation signs in your instrument cluster and other warnings/telltales as they signal either issues or services due. Always consult your service manual if unsure of what they mean. Never drive for longer distances with a flashing check engine light.
Often times neglected maintenance items can lead to expensive repairs. One such example is spark plugs worn out that can lead to ignition coil failure that can lead to catalytic converter failure. First sign of worn spark plugs is a slightly rough idle in the morning, not severe enough to trigger an engine light.
While BMW is renown for building sporty, powerful cars with highly technological engines, there are known problems the occur past a certain mileage like cooling system problems and oil leaks. Fuel injectors and carbon build up have been an issue since BMW introduced the direct injection engines in 2007.