Cooperative adaptive cruise control (CACC) employs intervehicle wireless communications to safely drive at short intervehicle distances, which improves road throughput. The underlying technical requirement to achieve this benefit is formulated by the notion of string stability, requiring the attenuation of the effects of disturbances in upstream direction. The wireless communication delay, however, significantly compromises string stability. In order to compensate for time delays and thus reduce the minimum string-stable time gap, a Smith predictor can be applied. For application of a Smith predictor, the time delay needs to be in a series connection with the plant to be controlled, which is realized by introducing a master-slave architecture for CACC. As a result, information exchange appears to become bidirectional, while the control scheme still follows the one-vehicle look-ahead strategy. Feasibility of both the master-slave CACC strategy and the Smith predictor is explicitly analyzed. With the proposed control scheme, the minimum string-stable time gap can be significantly decreased, even considering communication delay uncertainty. The results are validated using simulations with a platoon of CACC-equipped vehicles.