The rapid development and deployment of vehicle technologies offers opportunities to re-think the way traffic is managed. This paper capitalizes on vehicle connectivity and proposes an intersection traffic management scheme that employs transferable utility games. Payoffs to individual vehicles are modeled as travel time savings weighted by value of time (VOT). Vehicles at the intersection are divided into two groups based on whether they benefit from applying a system payoff maximizing control scheme every time a new vehicle arrives to the system. The losers are compensated by the winners and the payoff maximizing scheme is applied. Simulation experiments are performed to test the effect of increased penetration rates of vehicles involved in the game. We also perform comparisons against other widely used control schemes. Our results demonstrate the viability of the proposed control scheme.