Oh...you guys are being really good today. I've read much worse (and tawdry) explanations of what that insert tray can be used for...many of them with suggested phallic & body parts in close proximity to aforementioned appendage. (LOL)

See #16 in the diagram below...the part index refers to it as an "INSERT VELOUR":

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• 2015 f06 650ix GC (Moonstone exterior/Cohiba brown Merino Leather interior)
• 2014 f15 X5 50i (Space Gray exterior/Mocha Nappa Leather interior)