Preheat oven to 350 degrees.
Spray three 9 inch cake pans with baking spray. Set aside.
In a large bowl, shift together the dry ingredients for the cake. (I usually use my blender mixing bowl for this part to decrease how many dishes I use.)
In another large bowl use a whisk to mix all of the cake's wet ingredients together. These ingredients include the vegetable oil, buttermilk, eggs, food coloring, vinegar, and vanilla extract.
In a standing mixer, combine both the dry and wet ingredients for the cake. Mix the batter just until the mixture is blended. Scrap sides of bowl with flat spatula to incorporate all ingredients into the batter.
Pour the batter into each greased baking pan, making sure to put an even amount of the batter into each pan.
Place the pans in the oven and bake for 18 to 20 minutes or until a toothpick appears clean after inserted into the cake. At about the 16 minute mark, start checking for doneness. While baking the cakes, rotate the cakes halfway during the cooking process.
When the cake layers are done, let them cool completely. Once cooled, frost the cake.
Place the butter, cream cheese, sugar, and vanilla in a standing mixer bowl. Mix the ingredients for about 5 minutes on medium speed until the frosting is light and fluffy. While mixing the ingredients, occasionally scrape the sides of the bowl to ensure that all the ingredients get mixed together.
After the cakes have cooled frost the cake.