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In Dedicated Short Range Communications (DSRC) based vehicular networking, each vehicle periodically broadcasts control updates (that contain location and speed information etc.) to its neighbors, as a key component of traffic management and safety applications. The effectiveness of such a broadcast feature can be measured by two metrics: (1) the efficiency, or the average rate (number of nodes per sec) to which a source can deliver its broadcast packets, and (2) the reliability, or the average number of nodes that receive a specific transmission successfully. We demonstrate theoretical limits to and achievable tradeoffs between efficiency and reliability for a linear network under Rayleigh fading links. We then provide power control and congestion control strategies that maximize broadcast efficiency. A strategy that achieves near-optimal broadcast efficiency when the network nodes have high mobility is also described. Ns-2 simulations are used to validate our analytical results.