It happened early Sunday morning along the 1000-block of North Branch Street.
Charles Jones, from Miami, Florida, got out of his car after the accident to exchange information when the other driver shot him and Jones' female passenger, according to police.
Jones was pronounced dead at the hospital and the passenger remains in stable condition.
Police are searching for the gunman.
Jones is the owner of "The Factory" a gentlemen's club on the South Side.
