Increase in traffic demand in comparison to road space motivates explicit consideration of space constraint in performance evaluation of traffic systems, particularly under proposed increase in autonomy and connectivity. We formulate and analyze a queuing model for highway systems with finite space, in which a control policy coordinates ramp metering and the spacing between vehicles in traffic stream which have well-known adaptive cruise control on-board. We provide a characterization of capacity, i.e., feasible combinations of arrival volumes at the on-ramps and their travel distance demands, as well as of average travel times, under such a model.