In 1974, with only $1,000 in capital, Bill Crutchfield founded Crutchfield Corporation in his mother's basement. Since then, Crutchfield Corporation has grown into one of the nation's largest specialty direct retailers. In 2022, Virginia Business ranked it as the 18th largest privately-owned company in the state. Various prestigious rating services have rated the company as the number one online consumer electronics retailer in the nation.

In October 2007, Bill Crutchfield was inducted into the Consumer Technology Association's Hall of Fame along with the founders of Best Buy, Bose, and the co-founder of Microsoft. Virginia governors of both political parties have appointed him to a variety of state boards, councils, and commissions. He has served on other boards and has been a keynote speaker at a variety of notable events. In 2011, Virginia Business magazine listed him as one of Virginia's 25 most notable entrepreneurs over the past 25 years. In 2021 and 2022, the magazine listed him as one of the 500 most powerful Virginians.

Crutchfield Corporation is headquartered in Charlottesville, Virginia. It also has operations in Wise, Christiansburg, and Harrisonburg, Virginia.

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