Multi-vehicle trajectory planning is a non-convex problem that becomes increasingly difficult in dense environments due to the rapid growth of collision constraints. Efficient exploration of feasible behaviors and resolution of tight interactions are essential for real-time, large-scale coordination. This paper introduces SMART, Scalable Multi-Agent Reasoning and Trajectory Planning, a hierarchical framework that combines priority-based search with distributed optimization to achieve efficient and feasible multi-vehicle planning. The upper layer explores diverse interaction modes using reinforcement learning-based priority estimation and large-step hybrid A* search, while the lower layer refines solutions via parallelizable convex optimization. By partitioning space among neighboring vehicles and constructing robust feasible corridors, the method decouples the joint non-convex problem into convex subproblems solved efficiently in parallel. This design alleviates the step-size trade-off while ensuring kinematic feasibility and collision avoidance. Experiments show that SMART consistently outperforms baselines. On 50 m x 50 m maps, it sustains over 90% success within 1 s up to 25 vehicles, while baselines often drop below 50%. On 100 m x 100 m maps, SMART achieves above 95% success up to 50 vehicles and remains feasible up to 90 vehicles, with runtimes more than an order of magnitude faster than optimization-only approaches. Built on vehicle-to-everything communication, SMART incorporates vehicle-infrastructure cooperation through roadside sensing and agent coordination, improving scalability and safety. Real-world experiments further validate this design, achieving planning times as low as 0.014 s while preserving cooperative behaviors.