Simple answer is yes.
With the top up I can get a cart bag and a 'normal' carry bags each with 14 clubs inc drivers into the trunk - but you must have the 'ski' bag option. Alternatively, with the top up I can get a large cart bag complete with all the clubs and a largish trolley (Sun Mountain push cart) into the trunk. With the top down I can still get 2 'normal' carry bags and all the clubs in the trunk again you need the ski bag option. That said it is a little easier with slightly slimmer bags!
I find the trunk to be plenty large enough - see
http://www.z4-forum.com/forum/viewto...210739#p210588 . In this case I took my wife's carry bag and my A Frame just to make sure I could get the rest of the essentials in the car!