Rebecca Ross, 17, was a passenger in a car being driven towards the town by an 18-year-old man when they crashed into a car coming in the opposite direction.
The driver is being treated for serious chest injuries at Crosshouse Hospital in Kilmarnock. His condition is described as serious but stable. A 28-year-old female passenger in the other car is in a critical condition.
Police Scotland said she was being treated at the Royal Alexandra Hospital in Paisley for very serious injuries. Officers said Ms Ross died at the scene. Her family have been informed.
A report will be submitted to the procurator fiscal