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* GM leads with 46 pct gain, Toyota up 42 percent
* Truck sales hold strong despite oil price spike fears
* Industry sales seen up over 20 percent, near 13 mln rate
* GM, Nissan say throttling back on incentives
* Ford shares down nearly 3 pct, GM down 2.2 pct (Revises first sentence, adds comments from Ford, GM CEO, analyst, adds Toyota results, detail on estimated sales, updates stock prices)
By Deepa Seetharaman and Kevin Krolicki
DETROIT, March 1 (Reuters) - U.S. auto sales rose more than 20 percent in February as the lure of discounts from automakers led by General Motors Co (GM.N) outweighed concerns about higher oil prices.
The gain in industry-wide sales topped analyst expectations, according to initial sales data, putting the industry on track for its highest sales rate since August 2009 when the government's "cash for clunkers" credits spurred a short-lived boom.
GM led the industry with a 46 percent sales gain, stoked by incentives that also led the industry at an estimated $3,700 per vehicle on average in February
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