In this paper, an improved vehicle-to-microgrid (V2M) framework is proposed for a commercial locality operating as a hybrid ac-dc microgrid, which optimally coordinates electric-vehicle (EV) storages in a distributed manner. An aggregator model is proposed that solves the economic dispatch problem of parked EV storages in a centralized fashion and generates power references in real time for the designed EV storage controllers. Unlike the conventional EV storage controller, the proposed optimization-incorporated distributed EV storage controller can switch from decentralized to distributed control mode or vice versa based on situations and utilizes a sparse vehicle-to-vehicle communication network. The power flow between the ac and dc subgrids is managed by interlinking converters (IC). The IC control structure is augmented by combining voltage-and power-based droop-control schemes in the power control loop. This modification enables simultaneous ac and dc bus voltage regulations. Case studies are carried out to validate the efficacy of the developed framework with a real commercial network and loads. The results exhibit robust performance of the overall system for generation-demand variability, transitions between islanded and grid-tied conditions, and user-preferred EV disconnections and time delay.