In order to provide Dedicated Short Range Communication (DSRC) for future vehicle-to-vehicle (V2V) communication the IEEE is currently working on the IEEE 802.11p Wireless Access in Vehicular Environments (WAVE) standard. The standard shall provide a multi-channel DSRC solution with high performance for multiple application types to be used in future Vehicular Ad Hoc Networks (VANETs). We provide a performance evaluation of the standard, considering collision probability, throughput and delay, using simulations and analytical means. WAVE can prioritize messages, however, in dense and high load scenarios the the troughput is decreases while the delay is increasing significantly.