Lay out a large sheet of parchment paper. Lay the pretzel rounds out on the paper to make sure there is room for all of them on the paper. If you use wax paper instead you have to spray it with a non stick cooking spray, which is why I prefer parchment. Pour the sprinkles into small bowls so they are ready to decorate the pretzel rods.
Remove the wrappers from the caramels. Place in a microwaveable dish and add a tablespoon of water. Cook on 50% power for 90 seconds. Stir and microwave for another 90 seconds at 50% power. Add a small pinch of salt and stir well.
Using a spoon that has been lightly sprayed with non stick cooking spray, hold the pretzel rod over the bowl of melted caramels and spoon the caramel over each rod, smoothing it out with the back of your spoon. Lay it on the parchment paper and allow it about 10 minutes to set up.
Put the bricks of chocolate coating in a microwave safe bowl. Cook for 60 seconds and stir well. (If it needs more time, just do about 10-15 seconds at a time and stir well after each heating.) Take each pretzel rod and using the same method, spoon the melted chocolate coating over each rod and lay on the parchment to set up.
Put the bricks of vanilla coating in a microwave safe bowl. Cook for 60 seconds and stir well. (If it needs more time, just do about 10-15 seconds at a time and stir well after each heating.) Spoon into a ziploc back, snip a small opening in the corner and drizzle the prepared pretzel rods. Drizzle the chocolate onto a few rods at a time, topping them with the red, white and blue sprinkles as you go. I would only do about 5 rods at a time because the candiquik coating sets up fast. Repeat until all the rods have been decorated. Allow about 10-20 minutes to set up completely.