That looks like a Fram Sure Drain. As stated above, the hose that screws onto the fitting has a depressor which hold the valve open while the hose is attached. If you can't find the hose, you can buy a new valve online for around $5. (If you like the set-up, you could even get a valve to fit another vehicle and share the hose.)

And accomplish what?

Seems like a solution desperately seeking a problem.