We call it the "Clown nose"... It's just an indicator that the anti-theft system is active. Don't ask me why it's so big. More recent models (F15 for example) have a low-profile version.

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2003 E53 3.0i
DOB 10/15/2002
Sienna red, Savannah Beige Dakota leather
Type FA53, Engine M54B30

2018 G02 30i
DOB 4/21/18
Black Sapphire Metallic / Canberra Beige Vermasca leather
Engine B46O