Closing the loop, if you also choose to add the updates folder as I did above you can add your local repository to your yum repos. Create a file with the contents below /etc/yum.repos.d/lan.repo

This is the basic idea but requires more to actually work…

[base]
name=CentOS-$releasever - Base
baseurl=http://tonka.vl4rl.com/pub/CentOS/$releasever/os/$basearch/

# updates
[update]
name=CentOS-$releasever - Updates
baseurl=http://tonka.vl4rl.com/pub/CentOS/$releasever/updates/$basearch/

Reference: