Well - the usual go is to arrive a little earlier than they want to leave home - gives parents, friends etc time to take photos and droool over car!!!
Then you drive passengers - take part in line-up - definitely the fun part. It is customary / polite to actually open door and let passenger/s out - 'specially if they are female!!. Then the departing bit is up to you. If there are stacks of people around (and there will be HUNDREDS at the big formals - SFX - Belco High etc etc - they will usually call for a little laying of rubber etc. Up to you (personally wouldn't) but be aware that people are usually in close. No-one will touch your car - they just want to look and ooh and aah.....
I did three formals last year and had HEAPS of fun. Even parked the car each time and watched rest of the hordes arrive.
It is definitely not usual to wait around and take them somewhere else. No-one wants spewey Year 10s / Year 12s in their car anyway.
Payment depends, not sure what going rate is. Sometimes just $20 or mostly (for me anyway) just did it for the fun and seeing the glazed look in their eyes.
:rave:
BTW - My daughter's Year 10 formal is this year... Looking forward to that..
(I am not driving her...)