Rob Lutts’ car collection will drive him into eventual retirement from wealth management

Chrysler Corporation was the first stock Rob Lutts bought while in college back in 1980. He was pursuing his master of business administration at the Isenberg School of Management at UMass Amherst, and Chrysler’s then-CEO Lee Iacocca had convinced the U.S. government to bail out his troubled company.

In about seven months, the stock went from $8 a share to $18 and Lutts was hooked on investing.

Lutts has spent nearly the last four decades guiding his clients on their financial well-being as president, owner and founder of Cabot Wealth Management in Salem.

Now, as he looks to scale back his career and positions his company for his eventual retirement, Lutts has again turned to the automotive industry.

But this time, he’s focused on the actual cars themselves.

In the last two years, Lutts has built a head-turning portfolio of original classics.

He revved up his collection a couple years ago with a 1961 Roman red and ermine white Corvette like you see in the movies. It was purchased from a dealership in rural Pennsylvania whose owner died the week he bought it, creating a four-month challenge with its registration.

“It’s the car guys my age drool over,” says the 64-year-old Lutts. “It’s got a great sound to it.”

By Sonya Vartabedian The Chamber

Photos by Amy Sweeney Rob Lutts, president, owner and founder of Cabot Wealth Management in Salem, says his collection of classic cars provides a counter to his career in financal planning and investments.

Rob Lutts poses behind the wheel of his coveted 1961 Roman red and ermine white Corvette. It was the first car he bought to start his collection a couple years ago.

There were only 10,000 Corvettes made in 1961 and Lutts estimates only about 2,000 remain in existence today, with maybe just four or five for sale in this country at any given time.

“The guys who have them don’t want to sell them,” he says. “They want to hold onto them for their family.”

Lutts’ latest addition – a 1959 Oldsmobile Super 88 Dynamic — brings his collection to six.

The black-and-white beauty — it rolls in at 18 feet, 5 inches long — was purchased at auction in Las Vegas. It had been in the same family in the same small farming community in North Dakota for 60 years. Its last owner had been a schoolteacher who raises Arabian horses.

Lutts says it’s the ultimate in cruising cars.

“People give you the thumbs up when you drive this anywhere,” he says as he shows off the tail end of the car with its show-stopping fins extending from front to rear.

About four years ago, Lutts decided it was time to plan for the future of his 16-employee, investment management services business. Founded in 1983, Cabot Wealth Management is named for Cabot Farm in Salem, which Lutts’ grandparents purchased in 1941. He and his wife, Rachel, and about 15 members of his extended family still live on the expansive property.

Following the lead of his late father, who dispensed his investment wisdom to thousands of subscribers in his highly regarded Cabot Market Letter, Lutts designed an internal succession plan that will transfer 70 percent ownership of his business to three of his team members over the next eight to 10 years.

The move has allowed Lutts to delegate a little more responsibility and scale back his work week to three days — leaving him two days to focus on his newfound passion of classic cars.

Lutts says there are essentially two kinds of collectors — the “restos” who restore classic cars using modern parts and technology and the “originals” like himself who are drawn to cars that have been restored as authentically as possible with minimal to no replacement of parts and equipment.

He gained some advice starting out from Richard Cavegnano, chairman of East Boston Savings Bank — “a real car nut” whose collection rivals Lutts’ and stands at about 50 vehicles. The two were connected by a fellow collector who Lutts met at a cruise night where collectors show off their prized showpieces.

It was through Cavegnano that Lutts acquired his most powerful car — a royal maroon 1969 Mustang Mach 1 with “a very big” 428 Cobra Jet engine.

His wife’s favorite in the roster is the 1965 Ford Galaxie 500 in Caspian Sea blue that he bought in “excellent condition” from Otis, Massachusetts, with just 65,000 miles on it. It was meticulously restored by a man in Ontario, Canada, who may travel to Salem to “visit it.” It’s a real crowd-pleaser, Lutts says.

Then there’s the 1967 red Ford Fairlane 500 Ranchero with a powerful 390 CI engine — a hybrid car/truck modeled after a two-door station wagon with a cab and cargo bed. Lutts bought it sight unseen at auction, after having been restored by an owner in California, and it arrived from Sioux City, Iowa, rust-free and in excellent condition.

While Lutts’ collection is primarily focused on the 1960s, he does own an

Don’t be surprised to see Lutts tooling down the streets of Salem in his ‘69 Mustang or the ‘59 Oldsmobile. While he compares his cars to artwork in that he believes they should be preserved, he is also a firm believer in seeing them enjoyed.

His collection represents the strongest corporations in the world in their day.

“General Motors and Ford of the 1960s are what Google and Amazon are today, the powerhouses,” he says. “The cars I own represent the power of those companies. They would sell out.”

He houses his collection in a 60-by40-foot, country-style garage that he had built on his property. He had originally planned a 20-by-40-foot structure, but enlarged it after talking with many classic car owners.

“You can never have a big enough garage,” he says.

The garage is also where Lutts pursues his other hobby — music. He plays

Lutts checks under the hood of his impeccably maintained ‘61 Corvette. He takes all of his cars out for periodic rides. He says they’re meant to be enjoyed as well as preserved.

trumpet in a multi-faith band called the Zilber Beatles, and they’ve been performing at their church for the last six years.

“When you have an analytical job like I have that causes you to use the left side of the brain, the music is a really good thing,” he says. “Particularly if you play jazz music that uses the right side of your brain. The creativity of jazz helps nurture the brain and develops a very healthy balance.” I

Scott Energy founder Ed Scott Sr., left, with his brother, Thomas Scott, center, and their father, William Scott. Ed Sr. is credited with starting Scott Energy 75 years ago with one used oil truck, building the business from the ground up by providing unparalleled customer service.

By Katie Lovett Impact contributor

Seventy-five years ago, Ed Scott Sr. wanted to start his own business. It was a chance for security, he believed, and a way to provide for his family.

He began looking into existing companies that were up for sale and explored all possibilities. He even briefly considered taking over a funeral home business.

“He was pretty open to anything,” his son, Ed Scott, explains.

But when he heard about an ice and oil company that was seeking new ownership, everything fell into place.

The ice portion of the business was sold to Cape Ice, and Ed Scott launched Scott Oil Co.

This year, that company is celebrating its 75th year in business. Now run by Ed Sr.’s sons, Bill and Ed Jr., together with Bill’s sons, Adam and Taylor, the Gloucester-based Scott Energy Co. is seen as a leader in home heating fuel and HVAC system installations and service.

Things were a lot simpler in the late 1940s when Scott Oil Co. was getting started.

Ed Sr. had one used oil truck and provided service for his customers out of the trunk of his car. His first year in business, he delivered 50,000 gallons, half of which was kerosene available in 55-gallon drums.

His sons recall the business was always part of their lives growing up. Their father worked out of the house, which meant their home phone also served as the business line. Ed Jr. and Bill got an up-close seat as their dad expanded his business. They saw him offer top-notch

Scott Energy is run today by the second and third generations of the Cape Ann family — brothers Bill Scott, second from left, and Ed Scott Jr., to his right, together with Bill’s sons, Taylor, left, and Adam Scott.

customer service and give his steadfast attention to every job.

A native of Manchester-by-the-Sea, Ed Sr.’s connections to the region and his neighbors helped establish him as a leader in the business community.

While their father never expected, or even pushed, them to take over the business, Bill and Ed Jr. found themselves joining the ranks after graduating from college. Eventually, they rose to the top and took over the operation when their father retired.

The two brothers continued to grow the business — broadening their customer base by learning and following industry trends and adapting to the changing times.

They have also remained loyal to the expectations set by their father, by providing high-quality service and taking the time to explain each job to the customer.

Today, Scott Energy serves more than 5,000 customers on the North Shore. They keep their service area tight, preferring to stay in the region they know so well. Their customers include generations of families and the offspring of those who first worked with their dad.

Following their father’s lead, Bill, 69, and Ed Jr., 68, who both live in Manchester, are largely involved in community organizations and volunteer their time where they can. They are active in numerous local business and social groups, various nonprofit and youth organizations, and state and national industry associations.

“It’s just always been a part of what we do,” Bill says.

A few years ago, Bill’s two sons, Adam and Taylor joined the family business and are proudly leading the company into the future.

Like their father and uncle, they grew up entrenched in Scott Energy.

“Ever since we were old enough to hold a flashlight, we were working in the business,” Adam says.

After college, Adam and Taylor took field positions in the company and began to familiarize themselves with every aspect of it.

“Our philosophy has been, don’t ever ask anybody else to do a job you haven’t done already,” Ed Jr. says.

The Scotts continue to educate themselves about new trends and technologies as the industry works toward a goal of net-zero carbon emissions by 2050.

In concert with state officials, the industry is committed to reducing the impact of global warming and improving air quality, the Scotts say.

Scott Energy and its team are seen featured in a 1981 trade journal.

A year ago, as part of that effort, Scott Energy Co. moved to offering Bioheat. The liquid renewable heating fuel is a blend of biodiesel and ultra-low sulfur heating oil that produces fewer emissions than traditional home heating oil.

As the next generation of Scott Energy leaders, Adam, 38, and Taylor, 36, who live in Essex, say a top priority will always be training their staff and providing education on reducing the carbon footprint. Every summer, Scott Energy offers its 35 employees training workshops and refresher courses with representatives from the industry.

It’s been beneficial to all, Bill says.

“The technology changes so fast,” Adam adds.

Training is a key component to the Scott Energy playbook. The team attends annual workshops to stay current with changes in the industry.

For a business to remain viable and successful, it must be willing to evolve and diversify when necessary, Ed Jr. says.

“I think the key to longevity is adaptability,” he says.

Bill and Ed Jr. led the company to new areas when they took over, and Adam and Taylor are doing the same by introducing propane delivery and service into the company’s product mix.

Ed Sr.’s sons and grandsons all say the family patriarch would be pleased at the state of his company today.

“The business was everything to him,” Ed Jr. says. “I know he’d be happy that his grandsons are involved in it.” I

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