Preheat your oven to 350°F (175°C).
Prepare your baking pans by greasing and flouring two 9-inch round cake pans.
In a large mixing bowl, sift together the flour, baking soda, salt, and cocoa powder.
In another bowl, mix the vegetable oil, granulated sugar, eggs, buttermilk, vanilla, and red food coloring until well combined.
Gradually add the dry ingredients to the wet ingredients, mixing until just combined.
Divide the batter equally between the prepared pans and smooth the tops.
Bake in the preheated oven for 25-30 minutes, or until a toothpick inserted comes out clean.
Allow the cakes to cool in the pans for 10 minutes before transferring them to a wire rack.
While the cakes cool, prepare the cream cheese frosting by beating together the softened cream cheese, butter, and powdered sugar until smooth and fluffy.
Once the cakes are cooled, place one layer on a serving plate and spread a layer of frosting on top.
Carefully place the second cake on top and frost the top and sides of the cake evenly.
Chill the frosted cake for about 30 minutes to set the frosting before serving.
