Preheat the oven to 350 degrees F and grease a 9×13-inch baking pan with cooking spray and set aside. Combine cake ingredients except for sweetened condensed milk and mix until combined. Pour batter into the prepared pan. Bake for 40 to 45 minutes.
Once the cake has set, whip together the frosting ingredients until light and fluffy in a large bowl with a hand mixer or in a stand mixer fitted with a whisk attachment, evenly spread the frosting over the cake.
"This was a really delicious version of moist carrot cake that I made for a holiday! It was a huge hit! I’ll be making it again for a birthday celebration! The pecans and caramel are a very tasty addition!"