Preheat the oven to 350 degrees F. Grease the bottom and sides of a 9 x 13-inch baking pan.
Melt 1 cup of caramel bits with 2 tablespoons of cream. This can be done on the stovetop over medium-low heat or in the microwave. For the microwave melt on high for about 2 minutes, stirring every 30 seconds.
Add the cake mix and the instant pudding to a medium-size mixing bowl. Add the evaporated milk and mix for 2 minutes with a hand mixer or a wooden spoon.
Spread the cake batter into the prepared pan. Sprinkle a cup of chocolate chips over the batter, then the 1/2 cup of pecans, and then the melted caramel. With a knife swirl the toppings into the cake.
Place the cake into the preheated oven and bake for 30 to 35 minutes. The cake can be checked for doneness with a wooden pick, insert the pick and if it comes out clean the cake is done.
Melt another cup of the caramel baking bits with the remaining 2 tablespoons of cream while the cake is baking. When the cake is removed from the oven, drizzle the caramel over the top of the cake, sprinkle the remaining pecans, and chocolate chips over the top of the caramel. Cool.