Preheat Your Oven: Begin by preheating your oven to 350°F (175°C). Grease and flour two round 9-inch cake pans.
Mix the Batter: In a large mixing bowl, cream together the softened butter and sugar until light and fluffy. Add in the eggs, one at a time. Mix well after each addition.
Combine Dry Ingredients: In another bowl, whisk together flour, baking powder, baking soda, and salt. Gradually add this mixture to the wet ingredients, alternating with the buttermilk. Stir in the vanilla extract.
Bake the Cakes: Divide the batter evenly between the prepared pans. Bake in the preheated oven for 25-30 minutes or until a toothpick inserted into the center comes out clean.
Cool the Cakes: Allow the cakes to cool in the pans for about 10 minutes, then transfer them to wire racks to cool completely.
Prepare the Caramel Frosting: In a medium saucepan over medium heat, combine sugar, cream, and butter. Allow it to boil for about 5 minutes while stirring constantly. Remove from heat and stir in the vanilla extract and a pinch of salt. Let it cool slightly to thicken.
Assemble the Cake: Once the cakes are cool, spread a generous layer of caramel frosting between the layers and on top. Drizzle additional caramel around the sides for an eye-catching finish.