TYVM for the reward...my day is now complete.
It's a hot spot and needs to be shaved. Once shaved it will dry and scab over. Expect healing to take at least 4 weeks...provided he doesn't keep digging at it.
Our Zoey got a major hot spot on her neck last year. An E collar was not an option. We ended up shaving it, dressing with a pee pad after spraying with Betagen and wrapping a belly band around it and securing it with duct tape. We changed the dressing nightly for the first week then every other night the second week and every 3 days until healed. It healed quickly. The key is shaving, keeping it dry, and not letting it get scratched.
Good luck, have fun, love that boy!