Fabricates some yarn regarding rotating car part (13)

I believe the answer is:

spinningwheel

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'fabricates some yarn regarding' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'rotating car part' is the wordplay.
'rotating' becomes 'spinning' (spinning is a kind of rotating).
'car part' becomes 'wheel' (I can't explain this - if you can you should give a lot more credence to this answer).
'spinning'+'wheel'='SPINNINGWHEEL'

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I've seen this clue in The Irish Times.

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