You might try getting a dealer to update the OS. I know that the 745Li systems let you search on PoI names. I am pretty sure that hte 550i system does too. Yours may just have an older OS.

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SOLD
2000 E38 750iL Highline Edition, Upgraded with the lastest 2006 X5 Electronics
MKIV Navigation, 16:9 Display, Bluetooth, TV/Video with Backup Camera, Sirius, and Aux Input