BMW, or more formally Bayerische Motoren Werke AG, is a German car manufacturer. BMW, currently headquartered in Munich, was founded in 1916. They are the parent company of Mini and Rolls-Royce. BMW is part of a German trio that controls 86% of the luxury midsize market. Volkswagen Group, with their Audi brand, and Daimler AG, with the Mercedes-Benz brand, are the other two companies in this German big three, and they both vie for many of the same customers as BMW.