Preheat oven to 350 degrees.
Whisk together dry ingredients in a bowl. Set aside.
Beat butter for the cake in the bowl of a stand mixer until creamy. Add sugar and beat until creamy, approximately 2 minutes. Add in oil and beat for another 2 minutes. Add egg yolks and vanilla, beat until combined.
Add in food coloring, starting with 1 tsp, until combined. Continue to add food coloring until the batter reaches a deep red color. I used 2 to 3 tsp to achieve this color.
Mix on low and alternate adding the dry ingredients with the buttermilk in 3 parts. Mix until each addition is just incorporated.
Whisk egg whites in a separate small bowl until thick and foamy. Fold into cake batter.
Divide cake batter into three 4-inch round cake pans, filling them approximately 2/3 of the way full.
Bake for 30 to 40 minutes, or until a toothpick comes out clean when inserted in the middle. Cool the cakes completely.
When ready to frost, cut the tops off the cakes to make them flat. Set aside.
To create the frosting, beat butter for frosting with an electric mixer until creamy, approximately 2 minutes. Mix on low and alternate adding the confectioners’ sugar and cocoa powder with the heavy cream in 2 parts. Mix until each addition is just incorporated. Add vanilla and mix until combined.
Layer the cakes with the frosting and frost the outside of the layered cake. Top with homemade truffles in a ring around the top and the base.