I'm going through the same thing. I bought a used Z4 last April, and was told the radio was set up for Satellite Radio. I took delivery of the car, and when I attempted to move my Sirius account to the Z I found the same as you. It is wired for the radio, but no module installed. My Z is a 2009 model, and very little to no documentation exists on this car. I searched forums and found where the location of where the module mounts. In the trunk, left side under the storage tray. Once the tray is removed I found two plugs, one for power and signal, and antenna. I did buy a module through a used auto part store for a 2009 Z, and installed it today. I'll have to have the car programmed and the radio should show the icon for Sat radio, hopefully.
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Proud owner of: 2009 BMW Z4 3.0,2008 BMW 328IC, and now a 2018 Ram 1500 Limited P/U truck
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