Vehicular Ad hoc Network is an emerging area as a key component of the intelligent transport system. Despite the immense researches going on in this area, it is yet to be deployed at its full scale due to lack of trust, safety, and confidentiality in the network. Moreover, the security algorithms proposed till now are complex, and calculations involved are difficult to be completed within the strict real-time constraints. This paper introduces the SignReCrypting Proxy Re-signature scheme, which reduces the time taken for encryption at sender side as well as for decryption at receiver side. Signcryption reduces the computation cost by converting two steps of signature and encryption into one, whereas re-encryption and re-signature enable Alice to decrypt and sign a message on behalf of Bob. These three terminologies altogether with group signature make the proposed algorithm robust, secure, and efficient. The compromised vehicle is revoked from group using dynamic accumulators, and security is verified using automated validation of Internet security protocols and applications.