Heat canola oil in a medium saucepan over medium heat. Add shallots, coarsely chopped and garlic cloves, coarsely chopped; cook until soft, about 2 minutes. Add hoisin sauce, ketchup, honey, soy sauce, fish sauce, rice wine vinegar; cook until heated through and slightly thickened, about 10 minutes. Set aside to cool.
Reprinted with permission from Bobby Flay's Burgers, Fries & Shakes (Clarkson Potter, 2009)