Emerging mobility systems, for example, connected and automated vehicles (CAVs), shared mobility, and electric vehicles, mark a paradigm shift in which myriad opportunities exist for users to better monitor transportation network conditions and make optimal operating decisions to improve safety and reduce pollution, energy consumption, and travel delays . As we move to increasingly complex emerging mobility systems, new control approaches are needed to optimize the impact on the system behavior of the interplay among vehicles in different traffic scenarios . Several studies have shown the benefits of CAVs to reduce energy consumption and alleviate traffic congestion in specific transportation scenarios , , . There have been two major approaches to utilizing CAVs, namely, platooning and traffic smoothing. A platoon is defined as a group of closely coupled vehicles traveling to reduce their aerodynamic drag, especially at high cruising speeds. The concept of platoon formation is a popular system-level approach to address traffic congestion, which gained momentum in the 1980s and 1990s , , . There has been a rich body of research exploring various methods of forming and/or utilizing platoons to improve transportation efficiency , , , , , , , , , , , , .