I observed what I thought was a low flying plane, but as I approached I realized it was stationary and hovering.On the evening of November 14th I was driving home from in the western suburbs of Knoxville, Tennessee on Westland Drive. I was headed east when I noticed what appeared to be a very low flying airplane in the distance.There is McGhee Tyson airport about 8 miles to the southwest, so I didn't, at that moment, think it was out of the ordinary, except for the altitude it was at. For the next 45 seconds I had a clear view of this craft. I kept waiting for it to pull away and gain altitude, but as I got closer, I realized that I was gaining on it. I slowed down as I got closer and realized that it was hovering about what appeared to be 400 feet above the road.It had two white lights on either side of what I first thought were the wings, with a red light blinking in the center. As I got closer and closer, now only going maybe 20 miles an hour I had a totally clear view of this craft. As I drove under it, only then was I able to see that it had an oval or rounded shape to the underside of it. I really wanted to pull over, get out and observe this craft, but I was just a little freaked by the whole experience. As I drove away I kept looking in my rear view mirror, but never saw the lights or craft again.I would really like to think that it was a plane or helicopter, as it was hovering, but I know of no plane that can do that and I've seen too many 'copters and it made no noise that I could hear.The exact location was on Westland Drive right across from A.L. Lotts Elementary school.