Vehicle platooning is a promising technology that allows to improve the traffic efficiency and passengers safety. Platoons that use cooperative adaptive cruise control, however, require a reliable radio link between platoon members to ensure a required distance between the cars within the platoon, thus maintaining platoon safety. Nowadays, the communication can be realized with the use of 802.11p or cellular vehicle-to-vehicle (C-V2V), but none of this technology is able to provide a reliable link especially in the presence of high traffic or urban scenarios. Therefore, in this paper, we propose a dynamic spectrum management mechanism in V2V communications for platooning purposes. A management system architecture is proposed that comprises the use of context-aware databases, sensing nodes, and spectrum allocation entity. The proposed robust system design aims to keep only the minimum necessary information transmitted over the conventional intelligent transportation system (ITS) channel, while moving the remaining data (nonsafety, service-aided, or infotainment) to an alternative channel that is selected from the available pool of spectrum white spaces. The initial analysis indicates that the proposed system may significantly improve the performance of wireless communications for the purpose of vehicle platooning.