He came up with this one shortly after Cream’s ‘Wheels of Fire’ album, as I recall, and I wonder whether he just liked that notion of moving so fast your wheels catch fire. The verses tell a confused narrative, but the chorus seems to be more steam of consciousness lyrics of no particular relevance, unless it harks back to “the wheel’s still in spin” in The Times They Are A-Changin’. Sometimes the rhythm of words and their vowel sounds just works when singing, even if they actually make little sense….Johnny Mercer said similar about “my huckleberry friend’” in “Moon River”.