In bowl of stand mixer combine cream cheese and sweetened condensed milk, mixing on low speed until smooth. Add in eggs, one at a time, until combine. Add vanilla and caramel. Be careful not to overmix.
Fold in toffee bits. Pour over crust.
Bake for 45-50 minutes or until center is set.
Cool cheesecake for 30 minutes on wire rack. Slightly loosen cheesecake from pan by running a knife around the edges. Cover and refrigerate overnight.
When ready to serve, garnish by pouring caramel sauce over the top and sprinkling with toffee bits.
Keep leftovers tightly wrapped in the refrigerator.