We're taking it to the parking lot.

The phrase "We're taking it to the parking lot." means someones going to batter your ass right in the school parking lot and embarass you in front of everyone. If you hear that phrase being said to you, you better be in a fighting mood, because there is a change you can whack his ass out too.

Hey, little snitch. 3:00 sharp, we're taking it to the parking lot.