Radio modules are independent of coding. It is OK to swap the radio between cars.

Yes, there are newer radio modules with more features. The "New Generation" BM53 radio modules have aux input, Sirius support, and MP3 CD support. Traffic info is only available in Europe through the Euro-only BM54 radio module.

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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