My friend and I were traveling East on Cooley Rd. within the city limits of Bend, OR on January 16th, 2016. From the passenger window my friend noticed an extremely bright light asking me if it was the North Star around 8:53pm. I glanced over and replied that it was way too bright to be that. We began listing off possible objects that it could be. By the end of that we concluded that it was nothing that we could recognize. The object was flying parallel to us at the same rate of speed about 1 mile South. As it was flying the blinding white light coming from the bottom faded into a violet color and then back to white. Then we reached the Cooley Rd and 18th street round about where we then took a 90 degree turn south. At this time the object had stopped flying in a direction and hovered just in front of us a quarter mile from the intersection. It was parked in the air above a neighborhood house. As we began nearing the object we were able to make out more details. The closest we got to the UFO was about 100 ft to the left and 400 ft above. We saw a metal object approximately 100 sq ft large. There were two smaller, circular red lights surrounding a giant, white dome light on the bottom, but it did not emit a beam, it only glowed. As soon as we drove past it, the craft sped away about 100mph NNE. Throughout the entire event the object stayed hovering at the same elevation. The craft continuously moved smoothly while it was in motion.