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Hi. My name is***** Thank you for your question. A lot of times when a lump on the skin opens up and white stuff comes out and it bleeds some, it is a sebaceous cyst. Basically those are glands that get blocked up and the secretions collect under the skin for a period of time and then sometimes find a weak area and then drain. Any chance you can post a picture of it?
From that description, a sebaceous cyst is absolutely my number one rule out. These will recur as the sebaceous (excretory) component is still there. For the most part, they can rupture every now and then and make a mess and they are a cosmetic issue.
Clean up the area with a warm, damp wash cloth and don't let him lick the area. Getting him checked over by your vet when you can to make sure that this is what it is would be the next best thing.
If he can wear a small shirt that would be good. The other thing is an E-collar.
Sorry about not explaining that. It is a term I use every day numerous times so I just assume everyone knows it. It is the lampshade like collar that is worm by dogs and cats to provide a barrier so they can chew / lick at things on their body.