Safety, mobility and environmental sustainability represent the three cornerstones when evaluating the effectiveness of connected and automated vehicles (CAV). Most CAV applications are typically developed with the major goal of improving one of these key elements. However, very few CAV studies have been conducted that provide a holistic assessment of all three of these elements. Many CAV applications may have co-benefits in the sense that they can improve a combination (usually two) of safety, mobility and environmental sustainability. On the other hand, some CAV applications may actually have trade-offs between these different elements. The researcher describes a holistic assessment and examines the co-benefits and trade-offs between safety, mobility and the environment for a variety of CAV applications. Historically, much of the policy on new transportation technology is driven by enhancing safety as put forth from the National Highway Traffic Safety Administration (NHTSA). In terms of CAV technology, it is important for policy makers to also realize the potential mobility and environmental benefits.