Preheat your oven to 350°F (175°C). Grease and flour three 9-inch round cake pans, and line the bottoms with parchment paper.

In a large bowl, whisk together the vegetable oil, buttermilk, egg yolks, and vanilla until smooth.

In a separate bowl, combine the flour, sugar, baking soda, baking powder, and salt.

Gradually add the dry ingredients to the wet mixture, stirring until just combined.

Gently fold in the shredded coconut and chopped pecans.

In a clean bowl, beat the egg whites until stiff peaks form and then fold them into the batter in two additions.

Divide the batter evenly among the prepared pans and smooth the tops.

Bake in the preheated oven for 25 to 30 minutes or until a toothpick comes out clean.

Allow the cakes to cool in the pans for about 10 minutes, then invert them onto wire racks to cool completely.

Beat the softened cream cheese and butter until smooth. Gradually add powdered sugar and beat until fluffy. Stir in the final teaspoon of vanilla.

Once cooled, level the cakes if necessary. Stack the layers with frosting between them and spread frosting on the top and sides.

Garnish with additional pecans or coconut if desired.