A black car reportedly came round a bend on Burncross Road, in Burncross and collided with a vehicle travelling in the opposite direction just before 12.30pm today.
The driver of the other vehicle, an 86-year-old man, sustained what police said are believed to be minor injuries.
The black car then crashed into four parked vehicles, which were badly damaged, before four males reportedly fled the scene.
The road was closed following the incident, which happened near the Acorn and the Crown and Cushion pubs, but it has since reopened.
Police said enquiries are ongoing and they have appealed for anyone with dashcam footage of the incident to call 101 or Crimestoppers anonymously on 0800 555 111, quoting incident number 329 of June 26.