A friend and myself were returning home from an auction. weather was light rain with fog. low gray rain clouds. my periphriel vision caused me to turn looking west at this bright white glowing light. as i asked what is that, my driver turned and saw same light about maybe 100 ft above ground and 3-400 ft. away. he pulled over and stopped to observe and for us to find out what this was since there were no airports nearby.We thot it could be an aircraft about to crash from being so low and light was bright like landing lights. i rolled down my window to listen for any engine noises.There were none. also was looking for the red and green lights and strobes if it was an aircraft. non observed. it just hovered like it was looking at us.Light apperaed to descend till about 40-50 ft. above ground. we observed the local radio station tower just ahead on same highway and could see strobes going off thru fog and low cloud cover. this is how we determined estimated height of light. was just attempting to take picture with phone when light just went out. we sat there for maybe 30 seconds more to see if it would appear again. it did not so we left to return home.