Tree bark damage. Repair question

Hello,

I recently purchased a hone and they have a young tree growing in the front yard. I would say the tree is between 3-5 years old.

There is damage to the bark around the base of the tree, I'm unsure what would have caused it. It nearly wraps around the full tree.

Is there anything I can do to save this tree or should it just be replace to avoid a bigger headache in the future.
 

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That tree is much older than 3-5 yrs.

What is the species ?
Is it worth saving ?
Do you have room for a new / different tree ?

It is apparently, already trying to repair itself at the very base.

I am not an arborist.
But, I would leave it, and just monitor.

Trees get damaged all the time: storms, animals (deer browsing, girdling, etc), insects, disease, .............

I have an Incense Cedar that I plant as a large seedling.
After many years, deer completely girdled the base (during rut) around about 75% of the circumference. (~4 " OD)
The tree has completely recovered, and healed over.
 

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