I was slowly losing coolant since I bought the car. I brought it in and they found no leaks. Service rep said that it's possible that air bubbles that are in there initially will slowly work their way out and would account for the decline in level. Any merit to this or is it a load of crap?
nope, definitely a GREAT possibility.
air bubbles are bound to be in any application where there is a remote fill. just like brake fluid. that's why when changing brake fluid you must bleed the lines to get rid of all air pockets/bubbles.
in this case, (coolant) there are no bleeding mechanisms in the cooling system. the only thing to do is keep an eye on it as it is being used and eventually the air will escape which means less coolant in your reservoir, which calls for a top off. nothing major to worry about until it is excessive and huge amounts dropping. then its no longer an air bubble possibility.
But relax, unless your reservoir is near empty, your fine! :w00t: