Bill,
You are correct, the tires are brand new and mounted on the wheels on the ground, not the spare. Since making this inquiry I have discovered some information on the Toyo Tire website that makes a lot of sense. According to their technical information indentations are caused by the extra stiffness where the carcass plys overlap in the sidewall. This area is more stiff than the rest of the sidewall, hence it refects the identation when inflated. This is cosmetic only and is more common in tires with high pressure.
They go on to say that bulges in a sidewall are an entirely different matter and tires wiht these should be taken out of service.
Bill
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