A method and apparatus (50 or 110) for forming bolt and center-pilot mounting openings (36, 30) in vehicle wheels (16 or 112), particularly styled-disc vehicle wheels. A preformed rim and disc assembly is engaged and fixtured around the rim bead seat (20, 22) with the inboard disc face resting on a lower die assembly (82) and without plastic deformation to the rim or disc. An upper die assembly (52) having an array of bolt hole punches (56) is moved into piercing-and-coining engagement with the disc to form the bolt openings. Continued motion of the upper die assembly pushes the disc and lower die assembly into shearing engagement with a center punch (76or 76a or 76b) which forms the center-pilot opening. The axes (BH, CH, BS) of the bolt openings and/or center-pilot opening and/or bead seats may be aligned or offset from each other.