Step 1: Preheat your oven to 325°F (160°C). Grease and flour a 10-12 cup bundt pan or a 9x13 inch baking pan.
Step 2: In a large bowl, cream together the softened butter and granulated sugar with an electric mixer until light and fluffy, about 5-7 minutes.
Step 3: Add the eggs one at a time, beating well after each addition. Stir in the vanilla extract.
Step 4: In a separate bowl, whisk together the all-purpose flour, baking powder, and salt.
Step 5: Gradually add the dry ingredients to the wet ingredients, alternating with the whole milk, beginning and ending with the dry ingredients. Mix on low speed just until combined; do not overmix.
Step 6: Pour the batter evenly into the prepared bundt pan. Bake for 60-70 minutes, or until a wooden skewer inserted into the center comes out clean. If using a 9x13 pan, baking time may be slightly less (around 45-55 minutes).
Step 7: Let the cake cool in the pan for 10-15 minutes before inverting it onto a wire rack to cool completely.
Step 8: While the cake cools, prepare the caramel glaze. In a medium saucepan, melt the butter over medium heat.
Step 9: Add the brown sugar and heavy cream to the melted butter. Bring the mixture to a gentle boil, stirring constantly. Reduce heat to low and simmer for 3-5 minutes, stirring occasionally, until slightly thickened.
Step 10: Remove from heat and stir in the vanilla extract and a pinch of salt. Let the glaze cool for about 10-15 minutes until it thickens slightly and is pourable.
Step 11: Once the cake is completely cooled, drizzle the warm caramel glaze evenly over the top, allowing it to drip down the sides. Slice and serve.