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PHOENIX -- A Phoenix-based scam is catching Canadian car buyers off-guard.

OMVIC, the agency that regulates motor vehicle sales in Ontario, Canada, is warning potential car buyers of the online hoax.

According to the Ontario Motor Vehicle Industry Council, an Ottawa man was nearly duped out of $42,500 when he wanted to make a deposit on a Ferrari F43. The man reportedly saw the vehicle advertised on AutoTrader. When he responded to the add, he was told the car was in Phoenix and was directed to the scammer's website.

Fortunately, the man alerted OMVIC before sending the money and they checked it out.

"The dealership claims to be in Arizona. Their website gives an address of 720 West Highland in Phoenix, but of course the dealership doesn't exist, their inventory doesn't exist, the cars don't exist," said Terry O'Keefe with OMVIC.

Several people have already fallen for the scam.

"If you a vehicle priced far below market value, that's not an opportunity, that's a warning," said O'Keefe.

Canadian and American authorities, including the Federal Bureau of Investigation, are investigating.

Sandra Haros , Reporter

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