This paper aims at using the novel concept of LTE-based Device-to-Device communications (D2D) as a new alternative for Intelligent Transportation Systems (ITS) vehicular communications in advanced 4G networks and beyond. We propose the Cellular Vehicular Network (CVN) solution as a reliable and scalable operator-assisted opportunistic architecture that supports hyper-local ITS services as 3GPP Proximity Services (ProSe). A distributed D2D architecture is proposed based on a hybrid clustering approach to organize vehicles into dynamic clusters. The proposed solution includes a network setup phase based on enhanced LTE authorization and authentication procedures for ITS nodes, and an LTE direct discovery phase. A BCMP queuing network is used to model the CVN core network and to evaluate the impact of core network entities load on the network setup delay. The results are validated with Matlab and compared to the network setup delays of an existing solution