Shares of U.S. used-auto retailer Carvana fell Friday on its first day of trading at the New York Stock Exchange.
The stock opened trading 10 percent lower at $13.50 a share, below its IPO price of $15. Carvana was last trading down about 14 percent.
Carvana, which was founded in 2012, sells cars through its website and operates automated towers that store cars in U.S. cities such as Austin and Dallas in Texas, and Nashville, Tennessee. Customers can get cars delivered or pick them up from the vending machine-like towers.