Heat the oven to 350 degrees. Grease and flour a 12-cup fluted tube pan.
In a large bowl, beat the oil, 1/4 cup softened butter, chocolate, brown sugar, and granulated sugar with electric mixer on medium speed until creamy.
Add the eggs and ¾ cup sour cream. Beat on low speed until mixed, scraping the sides of the bowl if necessary. Beat on medium speed until creamy.
Add the flour, cocoa powder, baking powder, baking soda, and ½ teaspoon salt. Beat on low speed until moistened. Beat in the milk. Beat on medium speed until creamy and smooth, scraping the sides of the bowl if necessary.
Spread the batter into the prepared pan. Bake for 38 to 45 minutes or until a toothpick inserted in the center comes out clean.
Cool in the pan for 10 minutes. Remove from the pan and cool completely on a cooling rack (about 30 minutes).
Meanwhile, in a small saucepan, melt the caramels and 2 tablespoons cold butter over low heat, stirring frequently. Remove from the heat. Stir in 1/2 cup sour cream until smooth and creamy. Cool until slightly warm or completely cooled.
Drizzle some of the glaze over the cake. Sprinkle with the sea salt. Serve individual slices with remaining caramel sauce.