The package will be available this spring from BMW dealers, priced at $5,500 on the M3 sedan and M4 coupe and $5,000 on the M4 convertible.
According to BMW, the extra 19 hp added to the 3.0-liter, twin-turbocharged inline six-cylinder engine results in a 0-60 mph time of 3.8 seconds for the sedan and coupe equipped with the optional seven-speed dual-clutch transmission.
The heavier convertible takes 4.1 seconds to cover the same ground, but in all cases that's 0.1 second quicker than the same models without the Competition package.
In addition to engine output, the package upgrades handling with Adaptive M Suspension, which includes new springs, dampers and antiroll bar, as well as performance-tuned driving modes (Comfort, Sport and Sport+), differential and Dynamic Stability Control.
Road holding is further enhanced with multi-spoke 20-inch alloy wheels and staggered performance-oriented tires.
Exterior appearance changes include high-gloss trim on the grille, side gills and rear model badge, plus a sport exhaust system with black chrome tailpipes.
Inside, the sedan and coupe models get special lightweight sport seats that BMW says combine additional support on the track with the comfort drivers demand on the street. The interior on all models also features unique seatbelts with a woven-in M motif.
The extra $5,500 for the Competition package takes the price of an M4 coupe to $72,195, including a destination charge of $995, making it an attractive step in between the standard model and the 493-hp, limited edition 2016 BMW M4 GTS, priced at $134,200 with destination fee.
Edmunds says: BMW fans looking for a bit of extra performance and handling will want to check with their local dealer about availability of the Competition package.