Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 9x13 inch pan.
In a large bowl, combine grated carrots, flour, white sugar, baking soda, baking powder, salt and cinnamon. Stir in eggs, applesauce, oil, 1 1/4 teaspoon vanilla, pineapple and 3/4 cup chopped pecans. Spoon batter into prepared pan.
Bake in the preheated oven for 30 to 40 minutes, or until a toothpick inserted into the center of the cake comes out clean. Allow to cool.
To Make Frosting: In a medium bowl, combine confectioners' sugar, Neufchatel cheese, 1/2 cup butter or margarine and 1 1/4 teaspoons vanilla. Beat until smooth, then stir in 1 cup chopped pecans. Spread on cooled cake.
