what the heck is this part for??

That is a beauty plug. Remove that, you have to buy the center stand option, meaning, the knurled aluminum handle goes there. It comes with the center stand, the hardware, spring, handle, etc.

Ahhhhh.... gotcha. Thanks Hub!

Welcome. Either that or a remote bike stand to lube the chain somewhat easier. That was my only reason; was to much dragging the bike another few feet, lube, drag... What a drag!