The song received favorable reviews from music critics, with some highlighting it as the best single from the album and commending Furtado's half-singing, half-rapping mode and called it a nostalgic track.

All my old memories suddenly became crystal clear to me, and I found myself re-visiting my past in a fresh and colourful way, on songs such as 'Parking Lot', produced by Rodney 'Darkchild' Jerkins, where I detail good times in my hometown, sort of like my own take on 'Summer of 69'.

Robbie Daw of Idolator called it a "boom-boom-clap tune that’s somewhat reminiscent of Gwen Stefani's "Hollaback Girl", down to the marching band-esque brass sample and overall cheerleader vibe of Furtado's vocal delivery.

[5] Eric Henderson of Slant Magazine also heard similarities with Gwen Stefani, writing that, "it sounds like she's trying to win a bet that she could turn the hook from George Harrison's 'Got My Mind Set on You' into a new Hollaback Girl.

We like it even more than the two official singles we’ve heard so far from the album so far — the title track and ‘Big Hoops.’"[3] Robert Copsey of Digital Spy wrote that "the hypnotic, propelling melody of horns and synths will no doubt draw comparisons to MIA for its off-kilter vocals and bratty attitude as she sheepishly remarks: 'Bring your car to the parking lot and ride all night 'til you get a spot'.

"[7] Alex Macpherson of Metro UK wrote that "the clattery, percussive rhythms of dancefloor-ready cuts such as Parking Lot harking back to Furtado hits Promiscuous and No Hay Igual.

"[12] The video features a parking lot full of colorful custom Mini Coopers including ones covered in fur, newspapers, animal print, and even Christmas lights.