I don't know about the center part, but the out side(smooth part) vinyl can be pulled smooth and re-glued around the edges if you take the panel off. Mine was starting to wrinkle like that so when I had the panel off I pulled it tight and glued it back down to the cardboard.

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1985 300TD Turbo Euro-wagon
1979 280CE 225,200 miles
1985 300D Turbo 264,000 miles
1976 240D 190,000 miles
1979 300TD 220,000

GONE but not forgotten
1976 300D 195,300 miles
1983 300D Turbo 175,000 miles

http://i42.photobucket.com/albums/e3...e485-1-2-1.jpg