I wonder if that's a mosfet thing. I thought it could be a alternator pulsation filtering thing with the amp, but now I wonder if those peaks and dips are part of mosfets boosting power, like turning on and off. Something like a harsh, immediate circuit close for the amp to give more power could cause that. Like on/off/on/off a lot, and the on/off at a rapid pace could be those peaks and dips within the 40ish hz waveform.
Where is the probe connected? I'm not familiar with that scope, but it appears the bottom line is 1vac, meaning you're missing half the picture. Can you move the wave up and down on the display?