In a large sauce pan, heat oil over medium heat until shimmering.
Add onion and cook, stirring often, for about 5 minutes.
Add the beef and beef broth. Cook, stirring often to break up the beef and cook through.
Add crushed tomatoes and all the seasonings (liquid smoke through bay leaf).
Bring to a boil and lower heat to simmer.
Cook for 30-40 minutes until most of the liquid has evaporated. Be sure to stir occasionally and press down on the meat with the back of a spoon (wooden) so the meat is broken up into small pieces.
Remove the bay leaf and allow the Coney Dog sauce to cool. Portion into containers to freeze.
When ready to serve, heat the sauce gently in a pan on the stove top until hot. Serve atop grilled hot dogs with shredded cheese and chopped red onion.