No, it's a BMW option in the U.S. whereby BMW will guarantee a used vehicle if it falls within certain parameters, after they've given it minor overhaul. They usually give it a full detailing, change brake pads, fluids, inspect the car thoroughly (or at least they are supposed to). They give you many of the same amenities one receives when buying a new vehicle, like a warranty, road side assistance, etc. They then price the cars about 25 to 30% below new vehicles with attractive lease rates. Personally, I've never found it to make financial sense for this exact reason, as for $10 or 15k more you can buy a new vehicle, knowing its full mechanical history, etc. But in some cases, you can get a nice deal if a car has been sitting on the lot. Again, this is my personal opinion only, but CPO programs make more sense when dealing with vehicles that are extraordinarily reliable such as Infinitis, Lexus, and Accura (jury still out on the Lexus/Toyota models, but in general they're "were" fine until a few months ago).

The vehicle must be under a certain, age, within certain mileage limits, etc. Many dealers in the U.S. offer Certified Pre-Owned Programs, at least mid to high range lines, such as Accura, Infiniti, etc.