Phoenix-based online used car retailer Carvana (NYSE: CVNA) sputtered on its first day of trading — closing at $11.10, a 26 percent drop from its opening price of $15 a share.

Trading today ranged from $10.70 to $13.94 a share for the company co-founded by Ernie Garcia, who also serves as CEO of the company.

Not everything can be online, said former stockbroker Michael Hayes, who now runs Momentum Specialized Staffing in Phoenix.

“Many times when a new company comes to markt after being privately…