Today's vehicles are expected to interact with each other to improve road safety and efficiency. We refer here to the LTE-V standard defined by 3GPP Release 14. In particular, we consider the platoon scenario where a vehicle, acting as a leader, coordinates the movement of a group of vehicles. LTE-V Mode 3 is assumed where the eNB has the control of the allocation of V2V transmission resources to the platoon. V2V communications adopt the underlay mode, reusing the resources of common cellular users. This paper provides an analytical model to determine the V2V link outage probability, the Cooperative Awareness Message (CAM) loss probability after a generic number of reattempts, and the mean number of transmission attempts to deliver the CAM message successfully, taking shadowing correlation effects into account. This model has been validated using simulations. © 2020 IEEE.