We outline and extend results for an explicit local time stepping (LTS) strategy designed to operate with the discontinuous Galerkin spectral element method (DGSEM). The LTS procedure is derived from Adams-Bashforth multirate time integration methods. The new results of the LTS method focus on parallelization and reformulation of the LTS integrator to maintain conservation. Discussion is focused on a moving mesh implementation, but the procedures remain applicable to static meshes. In numerical tests, we demonstrate the strong scaling of a parallel, LTS implementation and compare the scaling properties to a parallel, global time stepping (GTS) Runge-Kutta implementation. We also present time-step refinement studies to show that the redesigned, conservative LTS approximations are spectrally accurate in space and have design temporal accuracy.