In a medium bowl, whisk together the mayonnaise, sour cream, sugar, lemon juice, and cider vinegar until smooth and well combined. Add the salt, onion powder, black pepper, celery seeds, and hot sauce, stirring until all seasonings are fully incorporated and the dressing is uniform. This creamy, tangy base is what makes hotdog coleslaw distinctive—I like to let the flavors meld for a minute before adding the vegetables so the seasonings distribute evenly.

Shred the cabbage into thin, even 1/8-inch strips and cut the carrots into matchstick-sized pieces or thin shreds. Add both vegetables directly to the prepared dressing and toss thoroughly until every strand is coated evenly. For the best texture, I toss the coleslaw gently but thoroughly—you want the vegetables coated but still crisp, not crushed or heavily broken down.

Let the coleslaw sit for at least 10-15 minutes before serving to allow the flavors to blend and the vegetables to soften slightly while maintaining their crunch. This timing is perfect if you're grilling or preparing hotdogs—by the time your dogs are ready, your slaw will be perfectly seasoned and at its best. Serve cold as a topping for hotdogs or as a refreshing side dish.