Weird Key thing on back end of car???....what is it?

#1
hi i recently bought an old '86 745i, and it came with this weird key that fits in at the back of the car. I was wondering if anyone knows what this key things for? It cant turn, maybe its just jammed or something, but help me out please!

There are also little lights beside the door handles, could this key thing be some alarm system or something?

Thanks![driving]
 


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