In medium bowl, mix together flour, baking powder, baking soda, cinnamon, and salt.
With electric mixer on medium speed, mix oil and sugar for 1 minute.
Add half of the flour mixture and 2 eggs. Mix together until moistened.
Add remaining flour and egg, grated carrots, pecans, and raisins. Mix on high for 5 minutes.
Pour cake batter into prepared pan and spread evenly.
Bake at 350 degrees for 50-55 minutes, or until cake tests clean.
Cool before topping w/ icing.
With electric mixer on medium speed, cream butter, cream cheese, and vanilla until smooth,
about 1 minute.
Turn mixer to low speed and gradually add sifted powdered sugar.
Return mixer to medium speed and mix for about 5 minutes or until smooth.