Yes it's in the used lot, but VERY rarely comes up. Try this:
You can save yourself a lot of looking time!! Go to the licenses, load up the first one, but instead of racing, skip to the next license test, and keep doing this until you get to the 5th one. Every loading screen you wait on generates 6 new cars in the used lot. So when you do this 5 times the entire lot is refreshed. I did this process 10 times and found the Formula GT after about an hour of searching.
