In a large mixing bowl, mix the sugar and oil together. Beat in the eggs. Add the dry ingredients and mix until combined. Fold in the carrots and then spread into the greased pan. Bake for 24-26 minutes or until toothpick comes out clean.
For the Frosting:
Beat the cream cheese and butter together. Mix in the powdered sugar and cream until smooth. Mix in the vanilla and then spread over cooled cake.