What are preferred stocks

I’m new and was just researching companies and placing them on my watchlist and noticed some had more than one name on the market, and was wondering what the benefit of one type over the other is.
Example BMW vs BMW3, VOW vs VOW3

Which ones are you guys buying?

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Here is an explanation:

Most traders buy common stock I believe.

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In the past I have gone with VOW3 over VOW due to higher volume and liquidity. I also went with BMW3 over BMW due to the dividend and it trading at a nice discount.

Thank you for the info